World News – UA – « Their time is up »: Premier Investments denounces Myer Board as its chairman resigns – Ragtrader


« Ahead of today’s Myer’s AGM, it became apparent that Myer’s two largest shareholders do not support my re-election and I will not allow my current term as chairman to distract from the hard work of the management team, ”he said“ During my three years as President, we have pursued a clear strategy which has strengthened Myer’s business, allowing him to cross the severe disruption of the lockdowns of the COVID-19 pandemic to be well positioned as we move towards the crucial end of- bargaining period of the year

« Throughout my tenure we have been resolutely focused on customer satisfaction and improving business performance – and we have been determined not to let anything distract us from this mission », a- he declared

JoAnne Stephenson has been named interim president as a global search is undertaken to find a replacement

However, major shareholder Premier Investments has called Hounsell’s resignation a « green push » that shareholders have long awaited and do not support the global search for a new chairman

« The eviction of M Hounsell is advising the full Board that his time is up, « Premier said in a statement. » In the interests of all shareholders, we expect the other directors of Myer to now indicate their intention to step down from orderly manner or face an Extraordinary General Meeting at which they will certainly be removed « In Premier’s view, the global search for a new chairman is a waste of time and money for shareholders, » said declared the company

« Myer is an Australian icon and requires a Board of Directors with proven Australian credentials and business experience including key skills in real estate, IT, e-commerce and logistics “For the sake of all of Myer’s dedicated employees, its many hard-working suppliers, loyal but frustrated customers and, of course, its long-suffering shareholders, the company must be restored to setting up a new independent board of directors

“Premier intends to continue to consult with other significant shareholders and together we will reconstitute Myer’s board of directors with a majority of independent directors headed by an independent chairman.” Premier will seek representation on the board. new board of directors of Myer in accordance with his participation, « Premier said

Hounsell’s resignation comes after shareholder Wilson Asset Management wrote a letter to Myer’s board urging him to cut staff and fees

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Myer, Garry Hounsell, Resignation, Solomon Lew, AGM, Chairman, Board of Directors

World News – UA – « Their Time Is Up »: Premier Investments slams Myer’s board of directors as chairman resigns – Ragtrader