Former Qantas executive Olivia Wirth has been appointed the new Myer executive chairwoman.
Myer’s head of stores, Tony Sutton, has been elevated to chief operating officer.
Myer declared an interim dividend of 3¢ per share, down from 4¢ a year ago.
Myer shares rose more than 7 per cent after the department store unveiled a major shake-up of management, appointing former Qantas Loyalty chief executive Olivia Wirth as its executive chairwoman and announcing the exit of its chairman, Ari Mervis.
The company’s CEO, John King, flagged his retirement last year and will leave in early June. Mr King joined Myer in 2018 and has spent almost six years stabilising the business, which has been buffeted by a greater preference for online shopping and a shift among luxury brands to move away from concessions towards their own boutiques.
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Carrie LaFrenz is a senior journalist covering retail/consumer goods. She previously covered healthcare/biotech. Carrie has won multiple awards for her journalism including financial journalist of the year from The National Press Club. Connect with Carrie on Twitter. Email Carrie at carrie.lafrenz@afr.com
