Chairman of Myer Holdings (ASX:MYR) Steps Down Ahead of AGM

  • October 29, 2020 02:24 PM AEDT
  • Team Kalkine
    Team Kalkine
    admin Team Kalkine
    16956 Posts

    Team Kalkine comprises of experts who understand various markets nuances and are enthusiastic and passionate to provide best possible offerings in the form of insights and stories. The team has rich experience of working across different markets with...

Chairman of Myer Holdings (ASX:MYR) Steps Down Ahead of AGM

Summary

  • Australia’s largest departmental store Myer’s Chairman, Garry Hounsell has retired from his position ahead of the AGM.
  • Mr Hounsell steps down believing that two major shareholders of the Company would not be voting for his re-election.
  • Following Mr Hounsell’s decision to retire, Ms JoAnne Stephenson has been appointed as the Acting Chairman.

Myer Holdings Limited (ASX:MYR) announced today that its Chairman Garry Hounsell has decided to retire as director and would not anticipate seeking re-election. The share price of MYR was noted at A$0.235, down by 2.084% on 29 October 2020 (at AEST 02:21 PM).

Let us discuss in detail-

About Myer Holdings Limited

Australia’s largest departmental store group, Myer Holdings Limited, operates 60 department stores in Australia and one of Australia’s largest retail online sites myer.com.au. The merchandise offer comprises menswear, womenswear, childrenswear, beauty, electrical goods, toys, homewares, and general merchandise. The Company also has a sourcing office in Hong Kong.

Myer Chairman leaves after losing the support of two largest shareholders

On 29 October 2020 Garry Hounsell, Myer Holdings’ Chairman for the last three years, stated that he was retiring ahead of the AGM after it had become evident that two major shareholders would not be backing his re-election.

Throughout Mr Hounsell’s tenure as Chairman, Myer followed a clear strategy that strengthened the Company’s business and allowed Myer to smoothly navigate the significant disruptions caused by COVID-19-induced lockdowns. The Company is well-positioned heading into the critical end-of-year trading period.

The online business of Myer has strengthened with almost 100% growth in the 2nd half of FY20. The Company is set to become one of the biggest and fastest-growing online retail stores across Australia. The stores of Myer are well-stocked and well prepared for the upcoming summer season.

The Company, during the Chairman’s tenure, has resolutely focused on delivering for customers and improving the performance of the business.

Following the retirement of Mr Hounsell, Ms JoAnne Stephenson has been appointed as Acting Chairman. The Company mentioned that the global search to find a new Chairman has commenced.

Ms Stephenson commented-

 

 


Disclaimer
The website https://kalkinemedia.com/au is a service of Kalkine Media Pty. Ltd. (Kalkine Media) A.C.N. 629 651 672. The principal purpose of the content on this website is to provide factual information only and does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stock of the company (or companies) or engage in any investment activity under discussion. We are neither licensed nor qualified to provide investment advice through this platform. In providing you with the content on this website, we have not considered your objectives, financial situation or needs. You should make your own enquiries and obtain your own independent advice prior to making any financial decisions.
Some of the images that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed on this website unless stated otherwise. The images that may be used on this website are taken from various sources on the web and are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it below the image. The information provided on the website is in good faith, however Kalkine Media does not make any representation or warranty regarding the content, accuracy, or use of the content on the website.

 

   
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK