Transition to take place at AGM.

Myer has confirmed that Garry Hounsell will become chairman of the company, effective from the end of the annual general meeting on November 24, 2017, following Paul McClintock’s decision to retire. Myer recently announced a board renewal with the appointment of Hounsell to the role of non-executive director and deputy chairman.

“I believe in the New Myer strategy which is helping the business to compete in a challenging retail environment. While I am inpatient for a return to profit growth I also understand that transformations take time and discipline,” Hounsell said.

“Your directors all believe that board renewal is a continuous process and consistent with best practice, it is essential that the board has a diverse range of skills at its disposal to manage the rapidly-changing environment. We will act in the best interests of shareholders to appoint additional candidates to further strengthen the board at the appropriate time,” he added.

On November 1, 2017, Myer will hold a Strategy Day when the executive team will set out in further detail Myer’s progress and evolution of New Myer including detail on its merchandise, optimisation, omni-channel, digital, data, property and experiential retail strategies.