Myer cuts jobs
Myer has reshuffled its executive ranks and will cut 50 jobs from its Melbourne headquarters as it tries to revive sales and regain customers after a tough year of trading.
MYER has reshuffled its executive ranks and will cut 50 jobs from its Melbourne headquarters as it tries to revive sales and regain customers after a tough year of trading.
The chain will replace its chief financial officer and create a new chief operating officer role. The change of Myer’s key numbers man comes as analysts warn the beleaguered retailer will likely need to slash the value of its brands and goodwill as the book value of its intangible assets far exceeds its market capitalisation.
The Australian corporate watchdog is understood to be probing the high carrying value of Myer’s intangible assets which are almost double its market value.
Myer, which issued an unusual pre-Christmas profit warning, is also under pressure from major shareholder Solomon Lew, who is pushing to overhaul its board.
Former Spotless chief financial officer Nigel Chadwick will replace Grant Devonport as chief financial officer at the end of the month.
Mr Chadwick has previously served as group treasurer at BHP Billiton and general manager of corporate accounting at Telstra.
Myer chief Richard Umbers said Mr Davenport resigned to pursue other interests.