Myer CEO John King will step away from the top role in the second half of 2024, after delivering record sales and the company’s highest profit in close to a decade.
King will return to the United States next year, after more than six years in the chief executive role.
Net profit for the final six months of calendar 2022 sat at $65 million, compared with a $486 million in 2018, when King first took the reins.
King also saw the department store’s online offering flourish during his tenure, growing to $722 million in 2022, from $208 million in 2018.
The board noted King’s “decision to leave in the second half of 2024 is based on being with his family as their health circumstances demand.”
“The board thanks John for his extraordinary contribution to the company,” Myer chairman JoAnne Stephenson added.
“In what will be more than six years at the end of his tenure, John will have delivered a remarkable turnaround in the positioning and performance of the business.”
King said of his time in the top role: “I am proud of what we have achieved so far with lots more to do, so it will be a busy year ahead.”