“Waste of Time and Money” Premier Responds to Myer’s Chairman Retirement

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By Published On: October 29, 20200 Comments

Myer shareholder, Premier Investments, has responded to the announcement of Garry Hounsell's retirement as Chairman of Myer Holdings Limited ahead of the Annual General Meeting, saying their 'time is up'. 

“Mr Garry Hounsell’s resignation ahead of today’s Myer AGM is the “green shoot” that Myer shareholders have long been waiting for. Mr Hounsell’s ousting signals to the entire Board that their time is up,” the statement read.

“In the interests of all shareholders, we expect the remaining Myer directors will now indicate their intention to step aside in an orderly manner or face an Extraordinary General Meeting at which they will be certainly dismissed.
In Premier’s view, a global search for a new Chairman is a waste of shareholders’ time and money.”

This morning, Garry Hounsell, the Chairman of Myer Holdings Limited, announced he would be retiring from his role and will not seek re-election. As such, JoAnn Stephenson will be taking over the role until the Board finds a permanent replacement.

“Myer is an Australian icon, and it requires a Board with proven Australian retail credentials and commercial experience, including key skills in property, information technology, e-commerce and logistics.

“For the sake of all of Myer’s dedicated employees, its many hard-working suppliers, its loyal but frustrated customers, and of course its long-suffering shareholders, the company needs to be restored to health by installing a new, independent Board.

“Premier intends to continue to consult with other major shareholders, and together we will reconstitute the Myer Board with a majority of independent Directors led by an independent Chairperson. Premier will seek to have representation on the new Myer Board in line with its holding.”

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