Myer hailing its new King
MYER has announced its new chief executive is former UK department stores boss John King.
Mr King’s 30 years of experience in the retail industry includes eight years running UK department store chain House of Fraser from 2006. Myer executive chairman Garry Hounsell said Mr King led the successful transformation of House of Fraser, until he left after the company’s sale to a Chinese conglomerate in 2014.
Mr Hounsell said Mr King played a central role in lifting House of Fraser’s revenues and earnings, differentiating the product offering, launching a successful online business, reducing the company’s debt and refurbishing more than 70 per cent of the property portfolio, Mr Hounsell said. SHARES in iSelect have plunged more than 55 per cent to a record low after the online comparison site slashed its 2018 earnings guidance and chief executive Scott Wilson immediately quit.
iSelect, which is engaged in health, life and car insurance policy sales; mortgage brokerage; and energy, broadband and financial referral services, has slashed its underlying earning expectation to between $ 8 million and $ 12 million for the full year, well down on its previous guidance of $ 26 million to $ 29 million.
iSelect says trading in the last two weeks of March and the first three weeks of April was below company expectations amid volatile markets, fewer leads and higher digital customer acquisition costs.