Premier Investments call for the resignation of the Myer board

Following the release of Myer’s annual report, publicly-listed investment company Premier has called for the immediate resignation of the Myer board.

The renewed call what Premier calls “disastrous” and “shameful” results as Myer reveals to shareholders that EBITDA is down 41.6 per cent.

“Two years into John King’s tenure – it’s clear the Myer turnaround is in tatters. It’s now time for the CEO to follow the Board through the exit”, the company said.

Premier is headed by chairman Solomon Lew, a former Coles Myer director and former board member of the RBA.

Its board also includes former David Jones CEO Mark McInnes, and former state treasurer of Tasmania David Crean.

Shares in Myer fell over 15 per cent after the release of results, dropping to 22 cents per share.

At the previous close, Myers shares were worth 26 cents per share.

Premier, a long-term investor and supplier in the retail group, said they were “perplexed” by John King’s leadership.

King, who has headed Myer as chief executive for two years, was hired as Myer’s turnaround hope following his successful turnaround of the UK department store chain House of Fraser from 2006 to 2015.

Myer delivered the second biggest loss in its history, a statutory net loss after tax of $172.4 million.

However, Premier was quick to point out that, while shareholders have been taken for a ride, King pocketed $1.59 million.