Can Olivia Wirth right the three-decade drift at Myer?
The former Qantas executive has inherited the start of a turnaround at retail’s grand dame. But there is plenty more to do, starting with finding profit growth.
It was the Solomon Lew play that drove Myer executives up the wall. The billionaire retailer would spend his weekends walking the floors of the department store, scrutinising the merchandise. In one scathing assessment, he suggested the clothes on display belonged at the Salvation Army.
Lew had sat on the board of Coles Myer, which owned the department store, until 2002 when he was unceremoniously evicted by shareholders. When he left, he privately vowed he would have the last laugh.
Jemima WhyteSenior reporterJemima Whyte writes on business, specialising in companies, capital markets and innovation. Jemima has reported on business for The Australian Financial Review for more than 13 years. Email Jemima at jemima.whyte@afr.com
