Myer’s boss shown the door has Lew ‘all over it’
Myer chief executive Richard Umbers has been shown the exit door, departing the struggling retail giant after three years in the job.
His exit follows a series of profit falls, declining sales and a collapse of the Myer share price.
Ross Greenwood told Neil Mitchell the departure has the fingerprints of retail veteran Solomon Lew, a major shareholder, “all over it”.
“Solomon Lew for months and months has pursued the Myer board,” he said.
“He said only last Friday, after those disappointing sales result, he felt Myer the department store was in peril.”
What does it mean? Ross Greenwood broke it down for Neil Mitchell — click PLAY to listen
“The real problem for Myer is they need to close stores,” Greenwood said.
“But they can’t — they need millions and millions and millions of dollars to break their leases.”