Major Myer Board refresh

After seven years on the Board, Director and Charman JoAnne Stephenson has announced she will be stepping down at Myer’s 2023 Annual General Meeting (AGM) on November 9. The ASX announcement released Monday morning stated that the Board has unanimously determined that current Myer Non-Executive Director, Ari Mervis, will take over as the new Chairman, with effect from the conclusion of the AGM, and he will stand for re-election as a Director at the AGM.

Departing Chairman JoAnne Stephenson said Ari Mervis is the right person to oversee the next stage of Myer’s growth journey. “He will also ensure stability and continuity, and brings a track record of working with the Myer executive team in a cohesive and constructive way in the delivery of the Customer First Plan,” she said.

“Being Chairman of Myer has been a privilege and I thank all shareholders, as well as customers, team members and brand partners, for the trust they have placed in me during my time on the Board. It has been particularly rewarding to see the business stabilised and strengthened and focusing again on what is at the heart of the Myer brand – delivering every day for our customers. I look forward to watching the Company continuing the positive momentum over the coming years,” she concluded.

Myer Chairman-designate, Ari Mervis said, “if given the tremendous honour of being the next Chairman of Myer, I will endeavour to work constructively with all stakeholders to ensure ongoing stability and continuity for the Myer business. I look forward to working in a constructive and cohesive way with the Myer Executive Team to continue delivering against our Customer First Plan and future growth opportunities.”

Along with the Chairman announcement, Myer added two new nominations to the board. Olivia Wirth, head of Qantas Loyalty, and Myer’s largest shareholder, Premier Investment’s director Gary Weiss have been nominated as new members of the Board of Directors. 

Departing Chairman JoAnne Stephenson said the addition of Dr Weiss and Ms Wirth will strongly complement the existing mix of skills, experience, diversity and independence and enable the Board to continue to focus on delivering value for shareholders. “It has always been a focus to have right skills, experience, independence and diversity on the Myer Board and I am pleased that two such outstanding candidates are standing for election as Directors at this year’s AGM,” she said. “Dr Weiss brings a wealth of commercial experience across a broad range of industries, including retail and property, whilst Ms Wirth brings significant expertise in a range of areas aligned to key elements of Myer’s Customer First Plan, including loyalty and customer experience.”

This news comes weeks after the company reported record growth in FY23. Sales totalled $3.36b, the highest for the company since 2005 and NPAT was up 18.2 percent YoY at $71.1m, 109 percent higher than pre-covid results in 2019, and its highest since 2015.