Is Mark McInnes the former CEO of David Jones and Premier Investments retail operations, set to take the top job at Myer?

Solomon Lew now owns 26% of the big department store retailers shares, and with current CEO John King set to leave Myer McInnes is seen as a top candidate for the job.

This month he will be able to buy an additional 3 per cent of Myer shares via the Corporations Act creep provisions.

Mark McInnes left with Solomon Lew.

Nine Media claim that the role certainly looks tailor-made for McInnes, who has been restricted by a non-compete clause that runs out in January 2024.

Another candidate doing the rounds for the top job at Myer who yesterday reported projected profits for the second half to come in at between $4 million and $8 million is Bunnings boss Mike Schneider.

King will depart the top job next year just when McInnes none compete clause runs out.

Myer who had some of its strongest results in years in 2022 is like most retailers struggling and the appointment, of McInnes an experienced retail and department store executive and a person who is very close to Solomon Lew in a prime position to exercise de facto governance, over Myer a Company that he wants to own.

Also in the wings is former JB Hi Fi Group CEO Richard Murray who is now running Premier Investments retail operations.

The combination of the retail skills of Lew, Murray and McInnes could deliver for Myer shareholders a skill set that is among the best in Australia claim analysts.

Nine Media claim that ‘No retail executive who values their career will take the Myer chief executive job if Lew has not signed it off. That would be career suicide’.

Under the leadership of King, Myer has managed to keep sales growth during the second half in positive territory – albeit at a 0.4 per cent crawl with the second half set to be a problem for the big retailer.

Yesterday’s Myer update spoke of the prevailing economic headwinds and its plan to keep a lid on costs and inventory and manage cash judiciously.

The share price surged in March to $1.14 but has fallen about 45 per cent closing last night at $0.61 and as one person said  “McInnes at the helm and Sol Lew and Murray in the wings, that’s a retail dream team’.