Myer’s chairman Garry Hounsell stepped down from Myer’s board just hours before the department store’s AGM began
The only director to be re-elected, Housnell took action after it became clear that Myer’s two major shareholders, Premier Investments and Wilson Asset Management, would not back his candidacy upon his return as chairman
Housnell said in a letter to shareholders that he did not want his tenure at the company to serve as a distraction from the hard work of Myer’s management team
“During my three years as President, we have pursued a clear strategy that has bolstered Myer’s business, allowing him to get through the severe disruption of lockdowns from the Covid-19 pandemic to be well positioned then as we head to the crucial end bargaining time of the year, « Hounsell said
« Throughout my tenure we have been resolutely focused on customer satisfaction and improving business performance – and we have been determined not to allow anything to distract us from this mission »
« It is essential that the management team at John King and Myer be able to execute the strategy during the peak trading period, between Black Friday and the January stock sale, without further disruption and it is hoped that my appointment as interim president will allow that to happen, « said Stephenson
Premier Investments says Hounsell’s resignation is the green push shareholders expect, and signals to the rest of the board that « their time is up »
« For the sake of all of Myer’s dedicated employees, its many hard-working suppliers, its loyal but frustrated customers, and of course its long-suffering shareholders, the company must be restored to its health. installing a new independent board of directors The company said in a statement
« In Premier’s view, the global search for a new chairman is a waste of time and money for shareholders »
The company said it will continue to seek an independent board, with an independent chairman, with its own representation in line with its stake in Myer
Myer, Garry Hounsell, ASX, Solomon Lew, Board of Directors, AGM, President
News from around the world – AU – Garry Hounsell leaves Myer board of directors before the AGM – Inside Retail
SOURCE: https://www.w24news.com
