Defenceless DJs’ dangerous board games

Boardroom departures are a major triumph for David Jones’ institutional agitators and leave the retailer more vulnerable than ever. The appointment of Zahra’s successor is pivotal.

The gutting of the David Jones board that was announced late yesterday has two major implications. The institutional campaign to force the board to retain its retiring chief executive, Paul Zahra, has ousted the retailer’s chairman and two other non-executives, and the Myer proposal to merge the two department stores is still alive.

The immediate resignation of Steve Vamos, to be followed by the departures of Leigh Clapham and the embattled chairman Peter Mason within three months, ends a two-month battle by institutional supporters of Zahra to impose their will on the company.

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