Myer’s biggest shareholder Solomon Lew has finally gotten a seat at the board, with his nominee Terry McCartney securing enough votes at today’s AGM.

McCartney scored 36.85 per cent of votes, with Lew’s 23 per cent stake pushing him well over the required 50 per cent.

Myer chairman JoAnne Stephenson was also re-elected to the board, with 56 per cent of shareholders voting to keep her in the seat.

Lew, whose Premier Investments is the largest shareholder in the department store giant, with close to 23 per cent of holdings, argued in a letter to shareholders that McCartney was the right man for the board position.

According to Lew, McCartney was part of a winning team, which had “delivered 174 per cent growth in statutory net profit after tax, from $104 million in FY16 to $285 million in FY22.

“Myer’s statutory net profit after tax over the same time period has decreased 18 per cent from $60 million in FY16 to $49 million in FY22,” he points out.

Lew assured that McCartney will operate in “a collaborative and cohesive manner with the Myer board and takes his fiduciary duties very seriously, including in relation to managing conflicts of interest (perceived or otherwise).”

Lew has fought for a seat on the board for six years, pushing for a board spill just last year.

Last month, Myer’s board opted not to recommend the election of McCartney, saying “the board considers that this is a matter to be determined by the shareholders, without a recommendation of the board”, noting it would “need to be satisfied that existing and potential commercial conflicts of interest are able to be managed in accordance with Myer’s policies and an appropriate protocol agreed with Mr McCartney.”

Myer shares are up 2.5 per cent today.