Some of David Jones's largest shareholders have urged the retailer's chief executive, Paul Zahra, to abandon plans to resign and instead stay on to deliver turnaround plans, according to The Australian Financial Review.
“He's undertaken a lot of change and it's been a very difficult process for the company, but we believe things are turning the corner,” BT Financial Group's head of equities, Crispin Murray, told the AFR.
“We think it's important that Paul gets the opportunity to continue to run the company over the next 12 months or how long it takes him to find the right person and that he's a hands on CEO because there's still a lot to be done.”
Colonial First State portfolio manager Raaz Bhuyan likewise told the AFR he was disappointed by Mr Zahra's stated plans to depart when the retailer finds a suitable replacement.
David Jones chairman Peter Mason has said a board will not ask a chief executive to remain on the job after publicly announcing his resignation.