What happened to Myer’s share price?
Myer is trading 10.8% lower this afternoon at $1.65 per share. The stock is now down 28.7% over the past year.
Why are MYR shares lower?
The stock fell today on news that CEO Bernie Brookes and CFO Mark Ashby are stepping down from their roles. Former Australia Post and Woolworths executive Richard Umbers will replace Brookes immediately.
The changes are part of an overhaul of the company’s internal operations. Myer Chairman Paul McClintock said, ‘It has become clear that to thrive in a modern retail environment, Myer must adapt quickly and be closer to its customers. […] A transformation project of the scale required to achieve the board’s vision will take a number of years to implement.’
What now for Myer Holdings Ltd?
The retailer is due to report its half yearly results on March 19. It has reported lower earnings each year since it was listed in late 2009, and analysts overwhelmingly expect the slide to continue this year.
for The Daily Reckoning Australia