Mark McInnes, chief executive of retailer David Jones, resigned today in the wake of sexual harassment allegations by a female employee.
Board chairman Robert Savage told the press that an allegation was made by a current female staff member against Mr McInnes last week involving improper behaviour. Mr Savage said the complaint had come to light through normal human resources ”line management” processes. The female employee had made the matter known to the company’s human resources management, who had gone directly to Mr McInnes. Mr McInnes then had gone directly to Mr Savage, as chairman of the board, to inform him of the matter. The female employee, believed to a 25 year-old marketing staffer, complained about two incidents, one at a function in late and then 10 days later on June 8. Mr Savage said Mr McInnes had immediately offered his resignation and the board had accepted it.
Whatever it was he did, be it get a bit touchy feely with the staff, or make sexual advances, it has certainly cost him plenty. While he got a termination payout of about $2m he is believed to have forgone up to $4m in bonuses and long term incentives. Poor darling, only $2m to get by on. Not only that, it certainly looks to be a career killer for Mr McInnes, who at 45 had been David Jones chief executive for 7 years. Not only that, but he appears to have some problems upcoming on the home front. In a statement he issued Mr McInnes said:
"As a chief executive officer and as a person I have a responsibility to many, and today I formally acknowledge that I have committed serious errors of judgment and have inexcusably let down the female staff member. I have also let down my partner, my family, all my staff, the board and our shareholders. I apologise to everyone I have let down. "
It seems he will be doing his penance overseas. Mr McInnes and his partner would spend the foreseeable future overseas, the company said in its statement to the media today. I bet he’ll be spending a decent chunk of his $2m severance pay treating his partner to a very nice holiday.
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