Myer chairman Paul McClintock has doused fears that the sudden resignation of chief executive Bernie Brookes and chief financial officer Mark Ashby was triggered by worse-than-expected trading, saying first-half earnings were broadly in line with consensus forecasts.
Myer shares fell as much as 10 percent on Monday after the company said Mr Brookes would step down immediately and hand the reins to Richard Umbers, a former Woolworths and Australia Post executive who joined the department store chain last year and who will lead a major transformation program.
Myer also announced the resignation of chief financial officer, Mark Ashby, as earlier reported by Street Talk. Mr Ashby is moving to the US.
(Source: The Sydney Morning Herald Online )