Disgraced former David Jones chief Mark McInnes lands $5.2-million job with rival retailer
28 Mar 2011
Mark McInnes, the disgraced former chief of Australian department store David Jones, has landed a $5.2 million job. McInnes who resigned from David Jones in June last year after admitting to behaving inappropriately towards a female employee of the company, will now head rival Premier Retail, although on a lower pay.
The package includes a fixed salary of $2 million a year, plus the option to participate in the company's short-term incentive plan of a maximum cash bonus of an additional to $2 million a year in each of the first three full financial years of employment, provided performance targets are met.
Melbourne-based Premier announced the appointment today as it reported a lower first half net profit, which the company said had been pulled back by a disappointing result from the Just Group clothing business.
Premier said it was operating in an extremely challenging retail and macro-economic environment.
"This environment deteriorated through the second quarter, and there are no current signs of improvement in the third quarter," Premier said.
The firm now expects Just Group earnings before interest, tax and amortisation (EBITA) for the full year to be in the range of $80 million to $85 million.