David Jones chairman, Peter Mason, is considering replacing two directors who conducted controversial share trades last year.

Mason is considering to replace non-executive directors Leigh Clapham and Steve Vamos, who last year bought David Jones shares a day after the board received a $3 billion merger proposal from Myer and three days before the department store released its quarterly figures, reports the Australian Financial Review.

Last month, the Australian Securities and Investments Commission concluded an investigation into the purchases after failing to find sufficient evidence that the duo acted illegally.

Mason has reportedly discussed the removal of the two directors with institutional investors. Mason, who also came under fire for approving the share purchases, is expected to remain as chairman.