Solomon Lew raises concerns too many Myer executives are quitting

afr.com:

Myer’s largest shareholder, billionaire businessman Solomon Lew, has urged the retailer’s board to update the market on the performance of the department store, flagging concerns that three key leaders are exiting the company in close succession.

Premier Investments, the ASX-listed group where Mr Lew is chairman, controls nearly 29 per cent of Myer. He has been a thorn in the side of the department store for years, and has previously demanded various directors and the company’s chief executive resign.

In October, Myer chairwoman JoAnne Stephenson said she would retire from the board after the annual meeting on Thursday, and hand over to Ari Mervis. A year ago, Ms Stephenson was fighting to stay on the board after many battles with Mr Lew, who installed Terry McCartney, a former Myer Grace Bros managing director, as his nominee director.

Ex-Murray Goulburn CEO Ari Mervis has been named the new Myer chairman. Pat Scala

The board also has nominated Olivia Wirth, the ex-head of Qantas Loyalty, and well-known businessman and long-time Premier Investments director Gary Weiss, as independent non-executive directors.

In June, Myer chief executive John King flaggedhe planned to depart next year, while chief financial officer Nigel Chadwick also plans to leave.

Mr Lew put Myer on notice. Premier told the board ahead of its annual meeting that it favoured a board refresh.

“We are concerned that the chairman, the CEO and the CFO have all indicated their intention to step down from their respective roles over the next six months,” a Premier spokeswoman said.

“These are the three key leadership roles in the business. It is both rare and concerning to see these key roles turn over in such close proximity.

“Given these highly unusual