By James Wells

MELBOURNE: Coles Myer CEO John Fletcher has announced Myer managing director, Dawn Robertson, will leave the company following the completion of the sale of its department stores to the Newbridge Capital consortium.

Robertson had been offered the position of deputy chairman and president, but has decided to leave the company following completion of the sale.

"We are extremely grateful to Dawn for the outstanding job she has done turning around Myer and enabling the value of the business to be realised,” Fletcher said in a statement to the Australian Stock Exchange this morning.

"When Dawn came to Myer four years ago, she took over a poorly performing business which she and her team have restored both as an icon fashion brand and a sustainably profitable business. She will leave the company in good shape for the next chapter in its history,” he said.

Fletcher said that the level of interest and the price achieved for Myer and the Myer Melbourne property, reflected the strength of the business and the success of its turnaround strategy under Robertson.

According to Newbridge Capital Australia and New Zealand director, Ben Gray, “We are delighted and honoured to have the Myer family as our partners. The return to private ownership is an exciting new chapter for Myer. We foresee that Myer customers will experience a continuation and acceleration in the enhancement of the product offering that has been achieved by the Myer team in recent times.

“We commend Dawn and the team on the exceptional work they have done improving the business and we look forward to working with the new management team to build further on that work," Gray said.

Robertson said the decision represented a strong vote of confidence in Myer and the Myer team and provided certainty for the business.

"It is a credit to the entire Myer team that we have been able to continue to build the business as we have moved through the ownership process," Robertson said.

"I am proud of the Myer team and our accomplishments, including our contribution to this transaction."