share this article!

On September 14, 2017, shoppers walk outside a Myer department store, Australia’s largest department store operator, in Sydney, Australia. Jason Reed/Jason Reed/Jason Reed/Jason Reed/Jason Reed/Jason Reed/J Reuters, July 9 – Premier Investments (PMV.AX), Myer Holdings’ (MYR.AX) largest stakeholder, said on Friday that after increasing its stake in the high-street retailer, it has launched talks with fellow shareholders to restructure the company’s board. Premier reiterated its demand that Myer’s entire board of directors quit immediately, with the exception of chief executive John King. Premier said in a statement that “any other action would be fruitless and costly for Myer shareholders who have already suffered enough.” Myer’s board now comprises four members, including interim chairperson JoAnne Stephenson and two non-executive directors, in addition to King. Prior to holding an emergency general meeting, the top investor stated it has hired a proxy solicitation agency and is attempting to obtain a copy of Myer’s shareholder register. Premier demanded the immediate resignation of the entire Myer board of directors earlier this week after increasing its share in the store to 15.77 percent. Throughout the years, it has been critical of Myer’s management and plan for boosting profitability and shareholder value. find out more Riya Sharma contributed reporting from Bengaluru, and Shailesh Kuber edited the piece. The Thomson Reuters Trust Principles are our standards./nRead More

share this article!