Myer CEO and managing director, John King will be retiring from his role in the second half of calendar 2024 to return to the US to be with his family as their health circumstances demand.

King joined Myer five years ago, establishing the Customer First Plan, which has seen the department store transition into a profitable and stronger business that has returned to paying regular dividends to shareholders.

Myer chairman, JoAnne Stephenson said, “The board thanks John for his extraordinary contribution to the company. In what will be more than six years at the end of his tenure, John will have delivered a remarkable turnaround in the positioning and performance of the business.”

Commenting on his decision, King said: “When I leave Myer next year, I will do so knowing that the business has a great team of people and a bright future. I am proud of what we have achieved so far with more to do, so it will be a busy year ahead.”

The Myer board will conduct a thorough local and international search for King’s replacement and ensure a successful leadership transition.