Premier Investments is pushing for answers on the future of Myer’s leadership team, ahead of the department store’s AGM tomorrow.
Myer CEO John King, CFO Nigel Chadwick and chair JoAnne Stephenson are slated to exit the business over the next six months.
In a statement, a Premier spokesperson said the new management structure must remain a priority.
“These are the three key leadership roles in the business. It is both rare and concerning to see these key roles turnover in such close proximity,” Myer’s largest shareholder said.
“Given these highly unusual circumstances and the current economic environment, we are hopeful that the Myer board will update the company’s shareholders on current performance and expectations for the remainder of the financial year at the Myer AGM tomorrow.
“Like all shareholders in Myer, we seek short and long term performance improvement. The successful management of the necessary CEO succession process must now be the Board’s priority.”
Premier Investments has pushed for a Myer board refresh in recent months. Premier voted its proxies in favour of the election of Gary Weiss AM and Olivia Wirth, two candidates for non-executive director roles on the Myer board. It also voted in favour of re-electing Ari Mervis as a director, who will also take over Myer chairwoman JoAnne Stephenson post-AGM.
Stephenson announced her retirement from the board in October.
“Premier Investments is supportive of Myer’s efforts to refresh the Board,” Premier said in its statement today. “The proposed new Independent Directors bring strong commercial, property and loyalty credentials which can only benefit Myer and its shareholders.”
Ragtrader has reached out to Myer for comment.