Myer Ramp Up Board Retail Expertise Amid Criticism
Embattled Aussie department store, Myer, has fought criticism its board lacks direct retail fashion expertise, with the appointment of former Just Group executive, Jacquie Naylor, as Non-Executive Director.
Ms Naylor is likely a big win for Myer, bringing over thirty years retail experience, and formerly Group Executive Director of the Just Jeans Group [Just Jeans, Jay Jays, Portmans, Jacqui E, Dotti].
“Jacquie has a record of improving the financial performance of the companies that she has been associated with and driving their strategic direction,” asserts Myer Chairman, Garry Hounsell.
“Jacquie has been an owner, director and executive at some of the most iconoic Australian retailers including as an Executive Director and Non-Executive Director at the Just Jeans Group, owner, and advisor to boutique retailer, Husk, and a Non-Executive Director at The PAS Group and at Cambridge Clothing Ltd.”
Naylor follows a slew of other new faces joining Myer’s leadership team, including Chief Customer Officer and former David Jones exec, Geoff Ikin.
In October, esteemed IT businesswoman, Lyndsey Cattermole AM, was appointed as Myer Non-Executive Director, in a bid to enhance its “multi-channel offering” and internal operations.
The news follows a slew of prior criticism from major shareholder, Solomon Lew, calling for total overhaul of Myer’s Board – replaced with significant direct retail fashion expertise.
Back in February 2018, Mr Lew via Premier Investments reportedly set up an extraordinary general meeting, which sought to oust Myer’s board.
“Premier strongly believes that a new Myer board with relevant expertise and experience in retail, property and business is required as a matter of urgency,” read a statement at the time.
“It is not in the best interests of shareholders that the current Myer board be allowed to preside over another year of declining sales, eroding profits and further share price deterioration before urgently needed change is introduced.”Lead by former House of Fraser boss, John King, Myer recently rebounded into the black, with a $38.4 million half-year profit – up from a whopping $476 million loss in the year-ago period.
Disclosed in an ASX statement today, Ms Naylor will take the helm on Monday May 27, 2019.
Naylor was also a Non-Executive Director of the Virgin Australia Melbourne Fashion Festival for over twelve years.
“In addition, she brings considerable eCommerce experience from her retail career and as a strategic adviser at Practicology, a digitial and ecommere agency,” remarks Mr Hounsell.
Shares in Myer are down 0.79% just after midday to 63 cents.