Solomon Lew, the billionaire retailer and major shareholder, is set to join the board of Myer in April. The appointment follows the department store chain’s acquisition of apparel brands from Lew’s Premier Investments and the completion of its half-year financial results reporting. Myer is an Australian department store chain offering a wide range of fashion, homewares, and beauty products. Premier Investments is a retail group that owns a portfolio of apparel and footwear brands.
Executive chairwoman Olivia Wirth informed Myer shareholders of Lew’s impending board membership at the annual general meeting in Sydney on Thursday. She indicated that Lew’s official commencement would occur in the new year, subsequent to the conclusion of transitional services related to the finance function for the recently acquired apparel brands. These transitional services are a crucial component of integrating the acquired brands into Myer’s operations.
Wirth also mentioned an ongoing process to appoint additional independent directors to the board. Currently, Terry McCartney, a long-time associate of Lew, and Gary Weiss, a former director at Premier Investments, already hold positions on the Myer board. These existing board members bring considerable experience in retail and finance.
The strategic move to include Lew on the board signals closer alignment between Myer and its largest shareholder. It also comes at a time when the business is focused on growing its brand portfolio. The company is hoping to leverage his expertise to drive further growth and profitability.
