|Zahra has resigned unexpectedly today as MD and CEO of DJ's, "for personal reasons", a company statement has confirmed. |
David Jones Board today confirmed it was advised by Zahra, of his intention to resign for "personal reasons upon commencement of a successor."
No successor has yet been announced. He will continue to lead the business until a successor has been found and will help in the transition to the new leadership.
"David Jones is an amazing Company and a brand I have always been proud to be part of. I am sincerely grateful for the opportunities I have had and believe that I have made a valuable contribution", Mr Zahra said.
"Whilst much has been achieved and the Company is well placed for the future, I believe it's time for a change for me personally".
Zahra, who was said to be an effective leader, but media shy compared to his suave predecessor, has stepped aside after over three years in the job - forced to clean up the mess created by sex scandal of previous CEO, Mark McInnes.
(Image credit: The Australian)
He was appointed to the top job in June 2010 when the retailer was facing a range of difficult issues.
The company board today paid tribute to Zahra's leadership, hailing his "fine contribution and the dedication he has shown over his fifteen years of service to David Jones".
"He has successfully guided the Company through the aftermath of the global financial crisis and a challenging retail environment and led the Future Strategic Direction Plan, which is well into implementation."
A succession process has begun, which will involve an extensive national and international search. This process could take some time, the board confirmed.
David Jones Chairman Peter Mason said, "Paul will leave David Jones in a solid financial position and I thank him for his contribution as CEO. I look forward to working with Paul to ensure a smooth transition of his role to his successor."