Myer CEO dumped

MYER’S new executive chairman Garry Hounsell says the ailing department store’s turnaround strategy is the right one but its next chief will be given free rein to review the plan.

Myer stunned the market yesterday by announcing it was dumping chief executive Richard Umbers in the wake of the retailer issuing its third profit downgrade.Mr Umbers’ exit adds to the executive carnage at Myer which has also jettisoned its deputy chief executive and chief financial officer in the past eight months.

The latest removal drew fire from Myer’s major shareholder Solomon Lew.