Is Solomon Lew getting ready to take full aim at Myer? Veteran retailer and Premier Investment director Terrence McCartney is poised to join the Myer board.
constructive dialogue with PremierOne market source said it was not surprising that Mr Lew was seeking a board seat, given he had put Mr McCartney up before. But it would be a litmus test because this was “effectively having Sol’s eyes and ears on the Myer board so not likely to be accepted with open arms”.Mr Lew appears to be testing Myer shareholders, to see what they are willing to accept.
Mr McCartney is one of Australia’s most experienced department store retailers. During his 30-year career, which started at Perth-based department retailer Boans, Mr McCartney ran the Myer Grace Bros chain between 1996 and 2000, when it was owned by Coles Myer. Before taking the helm at Myer Grace Bros, Mr McCartney was head of merchandise and marketing and then managing director at Kmart from 1994 to 1996.
The $400 million Myer declined to comment further but said in a statement on Thursday more information about the proposed resolution would be included in the notice of meeting to shareholders before the AGM, likely to be held in early November.has more than 10 years' experience as a business journalist having previously covered healthcare, retail/consumer goods, industrials and agribusiness. She is based in our Sydney newsroom.
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