Myer boss: We can fight back

MYER chairman Joanne Stephenson has called on shareholders to back the board as it works to revive the retailer’s fortunes, amid an ongoing battle with major shareholder Solomon Lew.

In her message to shareholders contained in Myer’s notice of meeting for its AGM, slated for November 4, Ms Stephenson says the board has the right skills and experience to focus on the business.

Former chairman Garry Hounsell quit last year after Mr Lew’s Premier Investments and Wilson Asset Management combined to vote against his reelection bid, with Ms Stephenson appointed acting chairman.

“I’m confident that we have a cohesive and aligned board with an appropriate mix of skills, experience, diversity and independence for the future as we focus on delivering value for shareholders,” Ms Stephenson says. Billionaire retailer Mr Lew thinks differently.

Premier Investments, which has a 15.77 per cent stake in Myer and is its biggest shareholder, could move to vote against the company at the AGM and the re-election of directors as well as the vote on the remuneration report, which would ring up a “second strike” leading to a spill of the board.