Billionaire declares war on Myer board

Tuesday, 24 October 2017, 04:12:31 PM. RETAIL magnate Solomon Lew has officially declared war on the Myer board, laying down his list of threats and demands for the struggling department store chain.
Racewear RETAIL magnate Solomon Lew has officially declared war on the Myer board, laying down his list of threats and demands for the struggling department store chain. The billionaire businessman has announced he will vote against the appointment of the incoming Myer chairman at the department store chain’s annual meeting. Solomon Lew calls on Myer to reveal first-quarter sales Lew slams department store group Myer’s strategy ‘on the run’ Premier Investments — the listed company controlled by Mr Lew — says it will vote against the appointment of all directors proposed for election at the annual meeting later this month, including incoming chairman Garry Hounsell. Myer is hoping sales of spring racing fashion lines, such as those modelled here by Miss Universe Australia Olivia Rogers, boost its performance this quarter. Source: News Corp Australia Premier, which is Myer’s biggest shareholder, has also threatened to call an extraordinary general meeting of shareholders as it seeks to have two of its own directors appointed to the Myer board. It also wants to have a further non-executive director that does not sit on the Premier board appointed to the 10-person Myer board. READ MORE: Terry McCrann on why Myer should be prepared for a fight to the death. Premier said its proposal was rejected by Myer after being delivered to Mr Hounsell at a meeting on October 6. “Mr Hounsell then inferred to the media that he was yet to meet with Mr Lew, and publicly backed the ‘New Myer’...Read more
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