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DJ’s Director Walks

DJLeigh Clapham has tendered his resignation as Executive Director of David Jones.  

The resignation is effective immediately. Clapham served on DJ’s board for 15 months, and was one of the Directors caught up in a share trading scandal which led to the resignation of the other non-exec director involved, Steve Vamos and Chairman Peter Mason. 
The execs were later cleared of any wrongdoing but the trio’s resignations were flagged last month. Clapham said “it has been a privilege to serve as a non executive director of David Jones. 
“I believe that I have acted in the best interests of the company at all times and it is clearly the right time for me to step down and wish the Company well in the implementation of its Future Strategic Direction Plan.”
David Jones’ newly appointed Chairman Gordon Cairns confirmed an external search firm has been appointed to find two new non-executive directors. 
“We are making good progress in our Board renewal process and expect to update the market in relation to the new appointments in the near future,” he said. 
Myer merger?
The retail giant also today confirmed it has re-appointed consulting firm Port Jackson Partners as its strategic adviser, to assist a review regarding the value of a possible David Jones-Myer merger and the synergies involved.  
Given the Myer proposal is premised on a share swap, an assessment will be undertaken of Myer’s business as part of a broader due diligence exercise, if discussions between the parties progress to the next stage, DJs said in a statement.
Cairns said the process “will enable us to have a full understanding of the value that can be delivered to our shareholders if David Jones were to merge with Myer versus the value that can reasonably be expected to be delivered to our shareholders if the Company continues with its Future Strategic Direction Plan on a stand alone basis. Once this work is completed we will be in a position to engage in a meaningful way with Myer.”
Company shares rose 0.91% to $3.32 today.