Moir faces more David Jones woes as third CEO quits
Woolworths share price hit, taking losses to more than 30% since 2014
Ian Moir's almost decade-long tenure as CEO of Woolworths has once again been blemished by the acquisition of Australian retailer David Jones. This week Moir faced yet another hurdle with the departure of the third David Jones CEO since 2014. David Thomas, who was appointed as David Jones CEO in 2017, resigned this week. Woolworths cited personal reasons for his departure. The market did not take the news well. Woolworths' share price fell 2.8%. Since the South African retailer bought David Jones four years ago, Woolworths' share price has tumbled more than 30%. Thomas's departure comes after former CEO John Dixon was axed a month before David Jones's MD for clothing and general merchandise, David Collins, was sacked, amid restructuring and cost cutting measures that were aimed at stabilising the business, the group said at the time. Iain Nairn resigned as CEO shortly after Woolworths bought David Jones. The 2014 acquisition of David Jones, which cost the company R21.4bn, has drawn ...
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