David Jones Puts On A New Pair Of CEO Jeans

He will be replaced by Roy Bagattini the president of clothing company Levi Strauss Americas. With Bagattini coming in, he can take a fresh look at the whole issue and can also re-focus the South African operations.The Woolworths food offering has done well and probably doesn't need to be changed.

Ian Moir will step down as GCEO and executive director with effect from 16 February but will continue in his role as acting CEO of David Jones.

The statement echoed sentiments from the incumbent, with Moir claiming there is room in Australia for only one high-end department store.

Under Moir, Woolworths has been forced to write off billions of rands after the retailer's $2bn acquisition of Australia's David Jones. Often a CEO who has been there for a long time struggles to make the decisions they know they have to take, to admit that they are wrong and clean up.David Jones is pleasant enough to shop at, but it needs a differentiation factor.

Woolworths' headline earnings for the financial year ended June 30, 2019 were down nearly 5%, mainly on the impact of David Jones operations.

Moir has been at the helm of Woolworths for the past nine years. He was first appointed to the board in January 2010 and then named CEO in November of that year.

Woolworths investors cheered the news that CEO Ian Moir will step down in a month's time, sending the share price up nearly 10%.

Roy has worked in global markets for over 19 years, following his South African based career. Roy also played an instrumental role in the development and acceleration of the e-commerce and omni-channel capabilities of Levi Strauss.

He also boasts with experience in working in worldwide markets for over 19 years, having been the president of Levi Strauss' operations in Asia pacific, the Middle east and Africa between 2013 and 2016. Other prominent roles have included president: Asia and Africa for the Carlsberg Group and various executive roles in SABMiller plc internationally and in South Africa. Rosen is a veteran retailer who has held roles in ecommerce and worldwide expansion during his almost 15-year tenure at Walmart.

He has led many large-scale merger and acquisition projects, has spearheaded the impressive turn-around of several companies and successfully driven the growth and expansion of various businesses, particularly in emerging markets.

On his appointment Bagattini said it was a great privilege to be given the opportunity to lead this iconic company at this important stage in its history.