Myer CEO to step down

Myer has today announced that CEO and Managing Director John King has advised the Board that he will be retiring from his role in the second half of calendar 2024 to return to the US.

“When I leave Myer next year, I will do so knowing that the business has a great team of people and a bright future,” said John King. “I am proud of what we have achieved so far with lots more to do, so it will be a busy year ahead.”

John King has held the position for five years. When he joined, the business had low revenue and its brand was slipping out of relevancy. His biggest achievement with Myer was  establishing the Customer First Plan which has transitioned the business into a profitable and stronger business that has returned to paying regular dividends to its shareholders and re-establishing Myer as Australia’s 6th most trusted brand, according to Roy Morgan. Since 2018, annual NPAT is up over $30 million, and online revenue has risen from $208.6 million to $722.8 million in FY22, already at $382.3 million for the first half of FY23, already indicating the company is in great health for its omnichannel development.

The latest results in a standout 1H23 demonstrated, according to Myer, the significance of what this plan has achieved with a company record sales result, Myer’s best profit result in nearly a decade, a strong balance sheet and a special dividend for shareholders.

“The Board thanks John for his extraordinary contribution to the company,” Myer Chairman JoAnne Stephenson said. “In what will be more than six years at the end of his tenure, John will have delivered a remarkable turn-around in the positioning and performance of the business.”

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