Struggling department store giant myer will slice two members from its board and cut the pay of the remaining directors in the face of pressure from its investors. shopping retail $myr
Department store chain Myer has agreed to cut its board of directors by two and slash its board fees in response to pressure from its second-largest shareholder, Geoff Wilson.
Director fees will also be reduced, with Mr Hounsell's annual base fee lowered to $250,000 from $300,000 and the other non-executive directors' fees dropping to $100,000 from $120,000. This reduction will remain in place for at least two years, the company said.The moves come after pressure from Myer's second-largest shareholder Geoff Wilson, chairman of Wilson Asset Management, who sent a letter to Mr Hounsell on Tuesday requesting changes at the board level.
Retail billionaire Solomon Lew, who's Myer's largest shareholder and a fierce opponent of its management, alleged in a letter earlier this month that suppliers were "hesitant to do business" with the company, a claim Mr Wilson asked the board to explain. No key suppliers had been lost due to an inability to receive trade credit insurance, Mr Hounsell said.
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Major Myer shareholder calls for board to be cut as tensions escalateWilson Asset Management chairman Geoff Wilson this morning issued a directive to Myer chairman Garry Hounsell, notifying him the 7% shareholder would be looking for changes at the company's upcoming annual general meeting.
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Myer vows to shrink its board and cut fees after investor pressureDepartment store chain Myer has agreed to cut its board of directors by two and slash its board fees in response to pressure from its second-largest shareholder, Geoff Wilson | domp
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Myer vows to shrink its board and cut fees after investor pressureDepartment store chain Myer has agreed to cut its board of directors by two and slash its board fees in response to pressure from its second-largest shareholder, Geoff Wilson | domp
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Major Myer shareholder calls for board to be cut as tensions escalateThe second-largest shareholder in struggling department store Myer has told the company's chairman to permanently reduce its number of directors and slash their fees.
Read more »
Major Myer shareholder calls for board to be cut as tensions escalateWilson Asset Management chairman Geoff Wilson this morning issued a directive to Myer chairman Garry Hounsell, notifying him the 7% shareholder would be looking for changes at the company's upcoming annual general meeting.
Read more »