Top investor in Australia’s Myer kicks off board reshuffle talks with shareholders

Myer Holdings’ top shareholder Premier Investments said on Friday it has begun talks with fellow shareholders to revamp the company’s board, after raising its stake in the high-street retailer.

Premier reaffirmed its demand that the Myer’s entire board should resign immediately, sparing the chief executive John King.

“Any other action would be futile, and costly for Myer shareholders who have endured enough,” Premier said in a statement.

Including King, Myer’s board currently has four members – acting chairman JoAnne Stephenson and two non-executive directors.

The top investor said it has also hired a proxy solicitation firm and is trying to procure a copy of Myer’s shareholder register ahead of calling an extraordinary general meeting.

Earlier this week, Premier sought the immediate resignation of the entire Myer board after it raised its stake to 15.77% in the retailer. It has been critical of Myer’s management and its strategy to shore up profitability and value to shareholders through the years.