- 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).
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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-