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Solomon Lew Demands New Myer Board Appointment

Billionaire retailer and biggest shareholder of Myer, Solomon Lew, is demanding a new member be appointed to the company board.

Lew’s Premier Investments is the largest Myer shareholder, with a stake of just under 23 per cent, which he topped up in the last month.

Lew will push for former Myer Grace Bros boss Terrence McCartney (pictured below with Lew) be appointed to the board, according to a statement issued this afternoon to the ASX by Myer.

Myer advised that a notice of intention was received to move a resolution for appointment of a director at its upcoming AGM from Metalgrove, “the sole shareholder of which is understood to be Premier Investments Limited.”

“The proposed director nominated is Mr Terrence McCartney, who is a non-executive director of Premier Investments Limited and Premier’s wholly owned subsidiary, Just Group Limited,” the statement continues.

Lew purchased 24.5 million shares in Myer earlier this month, for an average of 50c a share, bringing Premier’s stake to 22.87 per cent.

Lew pushed for McCartney to join the board back in 2017, when he was one of three directors Lew nominated, along with investment banker Tim Antonie – who was a director of Premier, and is now chairman of kitchen appliances company Breville – and property executive Stephen Sewell.

Another possibility for the Myer board should Lew move to add more than one director is Richard Murray, who spent 18 years at the helm of JB Hi-Fi before leaving to join Lew’s Premier Retail as CEO.

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