Myer avoids board spill

After second strike on pay.

Myer chairman, Garry Hounsell has thanked shareholders for their support of Myer’s board, executive team, CEO John King and the Myer Customer First Plan at the department store’s annual general meeting on Friday.

There was a majority vote against the company’s remuneration report, resulting in a second strike, but shareholders voted against the spill motion, driven by Premier Investments chairman, Solomon Lew.

“We would like to thank shareholders who have stood with us and supported the Myer board. We are grateful for their support of our directors, Lyndsey Cattermole and Dave Whittle, who bring significant skills to the board,” Hounsell said.

“These shareholders have stood with us to ensure that anyone wishing to take over this company will have to pay shareholders a control premium. They have stood with us to ensure that we won’t let a conflicted shareholder and competitor take control of Myer.

“Importantly, they have stood with us to allow John King and his team time to implement our Customer First Plan. These same shareholders have ensured that the spill resolution has failed.

“Regardless of how shareholders voted today, they can rest assured the Myer board will lead the company in a united and cohesive way. We will do this in the best interests of all shareholders, customers, team members and suppliers to rebuild the business and create shareholder value.”

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