Myer CEO and MD Richard Umbers steps down

Myer Holdings Limited has announced that chief executive officer and managing director, Richard Umbers, has stepped down from his role. The company added that Chairman Garry Hounsell, has been appointed as Executive Chairman with immediate effect, while a search commences for a new chief executive officer and managing director.

Commenting on the development, Hounsell said in a statement: “We are impatient for a turnaround in the company’s performance and the board has determined that it is in the interests of all shareholders for there to be a fresh approach to drive our future direction. At the time of my appointment as Chairman in November 2017, I said I was impatient and this announcement reflects my desire to drive, first-hand, the urgency required to deliver shareholder value.”

“On behalf of the board, I thank Richard for his hard work and commitment during the past three years and wish him well for the future,” Hounsell added.

Last week, after issuing a series of profit warnings, the company said that it does not anticipate any improvement in retail trading conditions during the second half and given the recent sales volatility, cannot provide a specific profit range for the full year 2018 NPAT.

Picture:Myer website