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

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