New Myer boss dismisses Lew claim

INCOMING Myer chairman Garry Hounsell has dismissed as “a furphy” criticism from high-profile shareholder Solomon Lew that the board of the department store chain lacks retail experience.

And Mr Hounsell, a former Spotless chairman and Qantas director, says Myer’s turn- around plan is beginning to show “green shoots” and its board has the right mix of skills to revive the iconic retailer’s fortunes.

His defence of the Myer board comes after Mr Lew launched a stinging public attack on the group last month, saying it had “lost its way” and its directors lacked retail experience.

Mr Lew is the biggest shareholder in listed retailer Premier Investments, in turn the largest shareholder in Myer.

Premier shelled out $101 million for an 11 per cent stake in Myer in May, paying $1.15 a share. Myer shares have subsequently fallen to 73.5c.