Myer chief executive John King will step down in the second half of next year to return to Florida, where his family lives, after more than six years in the top job where he led a major turnaround of the department store chain.

Mr King joined Myer in June 2018 when the Australian group was on its knees and quickly established his customer first plan, shrinking floor space and closing stores, and helping transition Myer into a profitable business that has returned to paying regular dividends.