Global search for new DJs boss

 

David jones racesDepartment store, David Jones, could take up to six months to find a new boss, and is likely to look overseas, analysts say.

Paul Zahra, CEO, unexpectedly quit on Monday, citing personal reasons. He will step down once a replacement is found.

The news sent David Jones shares down six cents, or 2.1 per cent, to $2.79 on Tuesday.

Sally Macdonald, the former CEO of fashion retailer Oroton, and Launa Inman, the former boss of embattled surfwear brand Billabong, are possible candidates to replace Mr Zahra.

But Invast Securities chief market analyst Peter Esho says David Jones would be more likely to look overseas, and the search could take up to six months.

“They’ll really open it up. I don’t think they’ll rush,” he told AAP.

“Why limit yourself to a local talent pool when you have the luxury of time?”

Esho said the next David Jones boss would need to reform the retailer, as a growing number of consumers buy online instead of instore.

“David Jones needs someone to change the whole organisation,” he said.

He says the company could follow the example of retail conglomerate Wesfarmers, who in 2008 appointed Ian McLeod, an executive with UK supermarket group ASDA, as the managing director of Coles.

“They bought guys from the UK that turned around supermarkets – really experienced UK personalities,” Mr Esho said.

David Jones has hired executive recruitment firm Korn/Ferry International to find a new CEO.

AAP

You have 7 articles remaining. Unlock 15 free articles a month, it’s free.