Myer restructures management, cuts support staff
Myer has restructured its management team, today appointing Mark Cripsey to the newly-created role of chief operating officer and former Spotless executive Nigel Chadwick to replace Grant Devonport as chief financial officer.
The department store retailer said the changes would help to “create a business that is more integrated across channels and better equipped to capitalise on the structural shifts” occurring across the retail environment.
In promoting Cripsey – formerly the retailer’s chief digital and data officer – Myer CEO and managing director Richard Umbers said the newly created role reflected the importance of digital and data across the whole business, and the need “to seamlessly integrate our physical and online offers”.
“Mark’s new responsibilities will incorporate the Myer store network, the online business as well as the areas of marketing and Myer one including data analytics.
“Under Mark’s leadership, Myer will be better placed to anticipate and respond to the structural shifts occurring in retail and capitalise on the opportunities that exist in improving the use of our customer data,” Umbers said.
Meanwhile Chadwick’s appointment sees Devonport depart after two and a half years in the role.
“Nigel has spent the past twenty years in senior finance roles at Spotless, BHP and Telstra and will bring a wealth of experience to Myer including his time working in sectors facing disruption,” Umbers said.
Myer cuts support staff
Umbers also announced further consolidation across the retailer’s supporting operations – with 50 jobs cut from Myer’s support office as the retailer exits a further floor to bring the total vacated area to 4.5 floors or over 40 per cent of the space since September 2015.
“Recent trading conditions have been tough, in part as a result of reduced traffic to physical stores. In spite of this, we have continued to make good progress on our transformation agenda, improving range and service to our customers, building a high growth omnichannel business and improving productivity and efficiency,” he said.
In December, Myer warned a further decline in sales in the lead-up to Christmas will hit its first-half profits.
Myer chairman Garry Hounsell – who has been undertaking a review of all aspects of the business – said the changes reflect “a continued focus by Richard and his team to ensure that Myer is better placed to capitalise on the rapid digitisation in retail, while maintaining a focus on efficiency and productivity.”
“Myer is over two years into its five year turnaround and this announcement reflects the board and management’s heightened sense of urgency in delivering shareholder value,” he said.
Premier Investments chairman Solomon Lew failed in his bid to vote down the election of Hounsell as Myer’s chairman at the department store’s AGM in November.
Myer is planning to announce its first half results in March.
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