Australian retailer David Jones says CEO to resign

SYDNEY Mon Oct 21, 2013 3:57am EDT

SYDNEY Oct 21 (Reuters) - David Jones, Australia's second largest department store chain, said Chief Executive Paul Zahra was resigning for personal reasons and would leave the company once a successor was found.

"Whilst much has been achieved and the company is well placed for the future, I believe it's time for a change for me personally," Zahra said in an emailed statement. He was appointed CEO in June 2010.

The announcement comes three weeks after the high-end department store reported a 5.9 percent fall in full-year profit after booking a one-off charge to offload the management of its electronics business to privately-owned Dick Smith.

Australian retailers have been facing tough trading conditions, with shoppers slow to respond to record low interest rates and increased competition from online and international retailers. (Reporting by Colin Packham; Editing by Edwina Gibbs)

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