DJs eyes exec salaries

Retailer moves to cap fixed pay, cut base fees for directors ahead of tough year.

In anticipation of a tough year ahead, David Jones (DJS) has capped the fixed remuneration of its executive and reduced base fees for non-executive directors, The Australian Financial Review reports.

According to the newspaper, the retailer has also introduced updated performance measures into its short-term incentive plan.

The AFR reports the executive remuneration of chief executive officer Paul Zahra and his executive team will be flat this year, while base fees for non-executive directors will be reduced by 17%.

The newspaper reports, brokers are tipping a decline in the retailers net profit of up to 16% as higher gross margins and a cost savings drive fail to offset a forecast 50% decline in earnings from its credit card business