David Jones Limited
(ASX:DJS) has announced its Chairman and the two directors involved in share purchases last year will step down within months.
The department store retailer told the market last night Chairman Peter Mason and two non-executive directors Steve Vamos and Leigh Clapham have resigned. Mr Mason and Mr Clapham will depart within three months while Mr Vamos will leave the board immediately.
Non-executive director Jane Harvey has been appointed Deputy Chairman and will lead the board renewal process. The company says it will immediately begin the process of appointing three new non-executive directors.
The announcement comes following claims of inappropriate share trading from the two directors, allegedly executed around the time the company received a $900 million merger proposal from rival retailer Myer Holdings Limited
(ASX:MYR) in October 2013.
David Jones reported a net profit of $95.2 million in the 2013 financial year.
