Myer Holdings Limited (ASX:MYR) on 29 October 2020, announced that Chairman Garry Hounsell, has made the decision to retire as a director and does not seek re-election.
As such, JoAnne Stephenson will be taking over the role of Acting Chairman until the Board finds a permanent replacement.
Hounsell shared that ahead of Myer AGM, it had become apparent that Myer’s two largest shareholders were not supporting his re-election and that he would not allow his ongoing tenure as Chairman to be a distraction to the hard work of the executive team.
Meanwhile, MYR stock traded at $0.235 with a market capitalisation at 197.10 million at 1:48 PM AEDT.