Myer boss John King set to retire next year

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Myer boss John King will retire in the second half of 2024 and return to the US after more than doubling the department store chain’s profit in the five years he has helmed the business.

King’s decision to move on was based on his wish to be “with his family as their health circumstances demand,” the retailer said in an announcement to the ASX on Monday morning.

Myer CEO John King will return to the United States next year after more than five years in the role.

Myer chairperson JoAnne Stephenson thanked the executive for his “extraordinary contribution to the company” and said that at the end of King’s more than six-year tenure next year, he will have delivered a “remarkable turn-around in the positioning and performance of the business.”

King established Myer’s “customer first plan” – focused on transforming the in-store shopping experience, reducing floor space and cutting costs – soon after he joined the business in 2018. The plan, which reduced overall floor space by 11 per cent, saw Myer return to paying regular dividends to its shareholders.

In March, the department store giant posted profit of $65 million for the half – its best result in nearly a decade and double the full financial year result in 2018. The business said then that it would chase $1 billion in annual digital sales.

King said he was confident in Myer’s people and future, but there was work yet to be done. “I am proud of what we have achieved so far with lots more to do, so it will be a busy year ahead,” he said.

The company said the more than a years’ time until King’s departure would enable it to conduct a thorough local and international search for his successor.

More to come…

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