Mark McInnes, former chief executive of Australian department store David Jones Ltd (ASX:DJS), has disposed about a fifth of his shares in the company since his departure in June, in order to raise $1.2 million to settle a tax obligation linked to his hasty exit.

The Age reported Mr McInnes offloaded 250,000 David Jones shares between July 14 and September 10, which would have attracted prices of around $4.40 and $5.20.

Mr McInnes, whose stake is down to 1.24 million shares, is believed to have sought advice before selling the stock to ensure he did not breach any disclosure or Australian Securities Exchange listing rules.

''I sold a small percentage of my David Jones shares to meet a tax obligation triggered by my leaving David Jones," he told the newspaper.

''I strongly believe in David Jones. It is Australia's pre-eminent department store with a great chief executive and management team that continues to deliver great results.''

Mr McInnes continues to face a sexual harassment case filed by former David Jones publicist Kristy Fraser-Kirk, who is asking for 5 per cent of the $700 million in profits David Jones made between 2003 and 2010 when Mark McInnes was chief executive and another $2 million from Mr McInnes, 5 per cent of his salary, as punitive damages.

Last week, the claim has been amended to include fresh allegations Mr McInnes sexually harassed two unnamed female employees while he worked at Black & Decker between 1989 and 1991.