Key shareholder turns on DJs

 

DavidJonesQueensPlazaOne of David Jones’ biggest shareholders, Perpetual, has declared it will vote against the retailer’s remuneration report at this week’s annual meeting.

The move comes as Perpetual, which holds just under five per cent of the company, expressed concerns about the department store’s decision to announce before Christmas that its current chief, Paul Zahra, would be leaving the chain once a replacement was found, according to The Australian Financial Review.

“Given recent events we will be voting against the remuneration package,” Perpetual portfolio manager Vince Pezzullo told the AFR.

“We have full faith in Paul Zahra, we think he has been doing a good job.

“We are concerned about the company being left exposed now as they look for a new CEO and concerned that it could lose other senior staff in the lead up to the crucial Christmas period. We feel they should have waited until they had firmed up a succession plan before announcing it to the market.”

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