Myer appoints ex-Spotless Group head as new chairman
Myer said as part of its ongoing board renewal program, Hounsell will initially join Myer as a non-executive director and deputy chairman.
Hounsell’s appointment comes after Myer revealed its struggles to overcome sluggish consumer spending and confirmed a fall in sales and profit.
The retailer’s statutory net profit for the 52 weeks to July 29 of $11.94 million, was down 80.3 per cent on the previous 53-week year, hit by $13.9 million in costs and significant items of $42.1 million.
“Garry’s deep experience and exposure to a broad range of retail-focused and consumer-facing businesses makes him an excellent addition to the Myer board and in the future as chairman,” said incumbent chairman, McClintock yesterday.
“We are now two years into our transformation under the new Myer strategy and today’s announcements will ensure strong continuity of the board’s capabilities in what are clearly challenging times for our sector.”
Myer said Hounsell has “first-hand experience of delivering transformational change in the face of competitive disruption”. Hounsell was most recently chairman and non-executive director of Spotless Group, and has served on the boards of Qantas, Mitchell Communication Group and other enterprises. He is currently a non-executive director of Treasury Wine Estates, Helloworld, Dulux Group, and Commonwealth Superannuation Corporation.
“I greatly respect the role Paul and the Board have played to date overseeing the new Myer implementation and look forward to making a contribution to Myer’s transformation and helping to deliver shareholder value,” said Hounsell, who will take over as chairman subject to being elected at the company’s AGM in November.
Myer also confirmed that JoAnne Stephenson would be appointed chair of the Audit, Finance and Risk Committee, succeeding Anne Brennan who will also retire at the company’s AGM.
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