Myer’s largest investor in Australia begins board reshuffle talks with shareholders

July 9 (Reuters) – Premier Investments (PMV.AX), the main shareholder of Myer Holdings (MYR.AX), announced on Friday that it had started talks with other shareholders to reorganize the company’s board of directors, after having increased its stake in the high street retailer.

The Prime Minister reaffirmed his demand that Myer’s entire board resign immediately, sparing Managing Director John King.

“Any further action would be futile and costly for Myer shareholders who have endured long enough,” Premier said in a statement.

Including King, Myer’s board of directors currently has four members – interim chair JoAnne Stephenson and two non-executive directors.

The main investor said he also hired a proxy firm and was trying to get hold of a copy of Myer’s share register before calling an extraordinary general meeting.

Earlier this week, Premier called for the immediate resignation of Myer’s entire board of directors after increasing its stake in the retailer to 15.77%. He criticized Myer’s management and its strategy to build profitability and shareholder value over the years. Read more

Reporting by Riya Sharma in Bangalore; Editing by Shailesh Kuber

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