Advertisement

Myer appoints New CEO Amid Leadership Shakeups

Reading Time: 2 mins
By Published On: March 14, 20240 Comments

Myer has revealed its new CEO amid a series of leadership changes. Olivia Wirth, former CEO of Qantas Loyalty, will be taking up the role and that of Executive Chair.

Myer Reveals New CEO

The Myer Holdings Limited (ASX:MYR) Board has appointed independent Non-Executive Director, Olivia Wirth, as Executive Chair to drive the company’s next phase of growth. 

Incumbent Chair, Ari Mervis, will retire from the Board effective today. 

Ms Wirth is expected to bolster Myer’s loyalty program MYER one as she brings a wealth of experience in loyalty and retailing.

Olivia Wirth brings to the role her experience as Qantas Loyalty CEO. In just six years in the role, she transformed Qantas Loyalty to bring in over $500 million in underlying EBIT, $2 billion in revenue and 15.8 million members. Before this, she held senior leadership roles at Qantas, including Chief Customer Officer, Group Executive, Brand, Marketing and Corporate Affairs and Group Executive for Government Relations and Corporate Affairs. She was appointed to the Myer Board as an independent Non-Executive Director in 2023.

“I am honoured to lead one of Australia’s iconic businesses and brands into a new and exciting phase,” said Ms Wirth. “Myer is loved by millions of Australians and is one of the nation’s most enduring retailers thanks to the dedication and skill of our team members, and the loyalty of our customers. The next chapter in Myer’s story requires us to continue tackling some significant challenges and meet the changing needs of our customers. I am focused on delivering improved outcomes for our valued customers, team members and all Myer shareholders. 

“My immediate priorities will be ensuring we are delivering a great in-store experience with a world-class range and best-in-class customer service, while investing in e-commerce and harnessing loyalty and partnerships among our customers and suppliers.”

Additional Appointments

In another leadership shakeup, Myer’s current independent Non-Executive Director, Dr Gary Weiss AM, has been announced as the Deputy Chair and Lead Independent Director – a new role created to enhance governance. 

Myer’s Executive General Manager Stores, Tony Sutton, has also been promoted to the new executive position of Chief Operating Officer, reporting to Ms Wirth. 

Current Chief Executive Officer and Managing Director, John King, will remain in his role until 3 June 2024 to enable a seamless handover to Ms Wirth who will assume her role as Chair effective immediately and assume CEO and Executive Chair responsibility from 4 June 2024.

Results

As expected in its January preliminary half year results reporting, Myer has reported an NPAT of $52 million and a sales decline of 0.1 percent overall. 

MYER one continues to deliver record results underpinning performance and customer value, with MYER one tag rate increasing to its highest ever point of 76.2 percent, with 374,000 new members during 1H24, and active members increasing to 4.3 million.

Looking forward, In the first six weeks of 2H24, Department store comparable sales are up 4.9 percent on the pcp. 

Departing CEO John King said: “Like all retailers, we continue to remain cautious about the macro-economic environment, however, we are encouraged with our results for the first six weeks of 2H, and have a strong program of deliverables to roll out during the half as part of our Customer First Plan.”

About the Author: Rosalea Catterson

Rosalea is the Editor of Power Retail. With a keen interest in consumer behaviour and tech, she covers everything ecommerce and hosts the Power Retail Power Talks Podcast.

Share this story!

Leave A Comment

Advertisement
Advertisement
Advertisement
Advertisement