JoAnne Stephenson has decided to retire as Myer chairman and as director at the upcoming 2023 Annual General Meeting (AGM).
The board has unanimously determined that current Myer non-executive director Ari Mervis will take over as the new chairman, with effect from the conclusion of the AGM.
Mervis will stand for re-election as a director at the AGM.
The board has also announced that it has nominated Olivia Wirth and Dr Gary Weiss AM for election as independent non-executive directors.
It comes after a review completed during the second half of the financial year to consider further director candidates, as well as review the overall size of the board.
Both Wirth and Dr Weiss have the support of Myer’s largest shareholder, Solomon Lew, chairman of Premier Investments.
“It has always been a focus to have the right skills, experience, independence and diversity on the Myer board and I am pleased that two such outstanding candidates are standing for election as directors at this year’s AGM,” Myer chairman JoAnne Stephenson said.
“Dr Weiss brings a wealth of commercial experience across a broad range of industries, including retail and property, whilst Ms Wirth brings significant expertise in a range of areas aligned to key elements of Myer’s Customer First Plan, including loyalty and customer experience.
“The addition of Dr Weiss and Ms Wirth will strongly complement the existing mix of skills, experience, diversity and independence and enable the Board to continue to focus on delivering value for shareholders.”
Speaking on her upcoming retirement, Stephenson said now is the right time for the transition to a new chairman. She said Mervis is the right person to oversee the next stage of Myer’s growth journey.
“He will also ensure stability and continuity and brings a track record of working with the Myer executive team in a cohesive and constructive way in the delivery of the Customer First Plan,” Stephenson said.
“Being chairman of Myer has been a privilege and I thank all shareholders, as well as customers, team members and brand partners, for the trust they have placed in me during my time on the board.
“It has been particularly rewarding to see the business stabilised and strengthened and focusing again on what is at the heart of the Myer brand – delivering every day for our customers. I look forward to watching the company continuing the positive momentum over the coming years.”
Mervis thanked JoAnne for the contribution and leadership she has made to Myer over the last seven years.
“JoAnne has led the Board with resolute professionalism and has worked closely with John King and the executive team in navigating the business through the COVID-19 pandemic, delivering a stronger Myer and reinstating dividends for our shareholders,” Mervis said.
“If given the tremendous honour of being the next chairman of Myer, I will endeavour to work constructively with all stakeholders to ensure ongoing stability and continuity for the Myer business.
“I look forward to working in a constructive and cohesive way with the Myer Executive Team to continue delivering against our Customer First Plan and future growth opportunities.”