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Industry News
Company NewsDavid Jones Faces Brand Damage After Losing ChiefDavid Jones Ltd., Australia’s second-largest department-store operator, faces possible damage to its brand and may struggle to retain management after chief executive Mark McInnes resigned for “unbecoming” conduct.New Chief Executive Officer Paul Zahra has to contend with media coverage of McInnes’s departure and “potential negative impact on trading and damage to the David Jones brand,” Grant Saligari, an analyst at Credit Suisse Group AG, said in a note to clients. Credit Suisse downgraded the stock to “underperform” from “outperform” and cut its target price to A$4.50 from A$5.30 after McInnes, 45, quit on June 18, apologizing for his behavior toward a female colleague. “The change in CEO increases risk around retention of other senior management team members,” Saligari said.David Jones’ stock had surged fourfold since 2003, when the top job went to McInnes, who emulated the success that overseas chains such as Bloomingdale’s had with international designer brands.
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