Salem Radio Network News Tuesday, August 3, 2021

Business

Australian retailer Myer’s top shareholder demands board revamp

(Reuters) -Premier Investments Ltd, a top shareholder of Myer Holdings, on Thursday demanded resignation of three non-executive directors after the Australian retailer said it was open to negotiate board representation with the investor.

Myer made its offer on Wednesday after Solomon Lew, Premier’s billionaire owner, raised his stake to 15.77% in the high-street retailer and called for a board overhaul.

“Premier has nothing to gain from spending time with the members of the current Myer Board,” the top investor said in a statement.

Premier has been critical of Myer’s management and its strategy to shore up profitability and value to shareholders through the years.

The 120-year-old firm’s bottomline was further strained by store closures amid the pandemic as it reported a 13% drop in first-half sales in March.

Myer’s inability to secure the support of its largest shareholders had cost the then chairman Garry Hounsell his reappointment last year.

The retailer was not immediately available to comment.

(Reporting by Riya Sharma in Bengaluru, Editing by Sherry Jacob-Phillips)

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