Near the end of a horror year marked by the coronavirus pandemic, Myer is facing more disruption after billionaire retailer Solomon Lew forced chairman Garry Hounsell to fall on his sword and called on the entire board to step down or be sacked.

Mr Hounsell resigned hours before the annual meeting on Thursday after Mr Lew's Premier Investments, which owns 10.8 per cent of the stock, and fund manager Geoff Wilson's Wilson Asset Management (WAM), which owns 7.8 per cent, indicated they would vote against his re-election.