CEO of Woolworths's David Jones resigns | Fin24
 
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CEO of Woolworths's David Jones resigns

Feb 07 2019 09:09

Woolworths [JSE:WHL] said in a note to shareholders on Thursday that David Thomas, CEO of David Jones, an Australian subsidiary of Woolworths, has resigned.

According to Woolworths Thomas resigned for personal reasons.

A replacement CEO for David Jones will be announced in due course.

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Woolworths Group CEO Ian Moir will work directly with the David Jones management team in the interim, according to the statement.

Moir told Fin24 in August last year that it is clear on what mistakes were made during the past financial year, but it also knows how to fix these.

"We have been very honest with ourselves and with the market," said Moir at the time.

Woolworths Holdings announced its results for the financial year ended June 24, 2018 in August last year. Group sales increased by 1.6% to R75.5bn. Adjusted pre-tax profit was down 13.8% to R4.8bn.

The results were especially impacted by an impairment relating to its David Jones department store in Australia.

Moir pointed out, however, that the group did not make a trading loss.

"We are coming through this disappointing period. Last year was horrendous, but it was due to transforming our Australian market. We put in a lot of work and effort and now we are coming through and have complete teams in place in new headquarters there," he said at the time.

"The Australian business is coming through and outperforming the market. I am not saying we are through it. There is still much to do."

In his view, 2020 will be the year when the group will see the full transformation in Australia completed and reap the benefit of exclusive deals with the best global brands.

By mid-morning on Thursday Woolworths shares were trading down 2.1% at R48.41 per share.

david jones  |  woolworths  |  ian moir  |  australia  |  retail
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