By Glenn Dyer

Department store retailer David Jones has ended months of speculation
by resigning CEO Mark McInnes until the end of July 2008.

The new deal, announced today, will see Mr McInnes’s base salary, inclusive of
superannuation, rise to $1.45 million a year and an annual bonus
payment entitlement ranging from 100-150% of
his annual remuneration.

This could make McInnes – who took the top job in February 2003 after the debacle of DJs
$20 million-plus investment in a food hall chain – among the highest paid retail execs
in the country, with a shares, salary and bonus package that could
top $6 million a year if the retailer performs above industry levels.

Peter Fray

Save 50% on a year of Crikey and The Atlantic.

The US election is in a little over a month. It seems that there’s a ridiculous twist in the story, almost every day.

Luckily for new Crikey subscribers, we’ve teamed up with one of America’s best publications, The Atlantic for the election race. Subscribe now to make sense of it all, and you’ll get a year of Crikey (usually $199) and a year’s digital subscription to The Atlantic (usually $70AUD), BOTH for just $129.

Peter Fray
Editor-in-chief of Crikey