Myer CEO and managing director John King will retire from his position in the second half of 2024 amid a “remarkable turn-around” of Myer.
Following his departure, King said he will return to the United States to be with his family as their health circumstances demand.
King joined Myer five years ago, where he initially launched the Customer First Plan which Myer states has helped the brand navigate the pandemic and transition to profitability.
The department store has doubled its net profit after tax (NPAT) from $32.5 million in the first half of FY18, to $65 million in the first half of FY23. Its net debt/cash returned to black at $267.3 million in 1H FY23, up from a debt of ($107.4 million) in 1H FY18.
Meanwhile, Myer’s online revenue went from $208.6 million in 1H FY18, to $722.8 million in 1H FY22, and has since halved to $382.3 million in 1H FY23.
It has also reduced its floor space by 11.1% since the first half of FY18.
“When I leave Myer next year, I will do so knowing that the business has a great team of people and a bright future,” King said. “I am proud of what we have achieved so far with lots more to do, so it will be a busy year ahead.”
Myer chairman JoAnne Stephenson said the Board thanks King for his “extraordinary contribution” to the company.
“In what will be more than six years at the end of his tenure, John will have delivered a remarkable turn-around in the positioning and performance of the business.”
According to Myer, the length of time until King’s departure will enable its Board to conduct a thorough local and international search for his replacement and ensure a successful leadership transition.