The Myer board has appointed former Myer Grace Bros managing director, Terrence (Terry) McCartney as non-executive director. McCartney is currently non-executive director of Premier Investments Limited and Just Group Limited, a subsidiary of Premier.
“As a former managing director of the company, Myer holds a special place for me. I am basically a retailer having had the good fortune of working for more than 40 years across the full spectrum of retailing from luxury goods and department stores to mass merchandise and discount department stores across all commercial disciplines and skills that underpin a successful retail operation,” McCartney said at Myer’s Annual General Meeting (AGM).
“This includes merchandise, sourcing, store operations, marketing, omnichannel retailing, supply chain, property, inventory management, IT support and detailed financial analysis. I will apply this retail experience, which I believe is unique to the Myer board, to add value as a director for the benefit of all shareholders.
“My career began at Boans department stores in Perth before I moved to Grace Bros in Sydney in 1984. Following Myer’s acquisition of Grace Bros, I relocated to Merge department store in Melbourne in 1989. My executive career culminated in the role of managing director for Kmart Australia and New Zealand and managing director of Myer Grace Bros, as it was known then, where for five years I led the Myer Grace Bros team to year-on-year profit growth.
“I am currently an independent non-executive director of Premier Investments, as well as its wholly owned subsidiary, Just Group. I also serve as chair on Premiers remuneration and nomination committee.
“Since I was appointed to the Premier Investments board in 2016, the company’s market capatilisation has increased 57% to approximately $4 billion. Over this period, Premier has distributed over $640 million in fully franked dividends to shareholders.
“Since 2016, Premier’s net profit after tax (NPAT) has increased over 170% to $285 million. I am personally proud to be part of a team that has continuously delivered those outstanding results.
“I believe I bring intimate retailing skills as well as proven capacity to work with the board and management to deliver results. I am committed to working in a collaborative and cohesive manner with the Myer board including managing conflicts of interest as perceived or otherwise.
“I am cognisant of the challenges but excited by the potential opportunities ahead for Myer.”