Myer Holdings (ASX:MYR) to reduce its board numbers

Company News

by Rachael Jones

Myer Holdings (ASX:MYR) today announced that Non-Executive Directors Lyndsey Cattermole AM and Julie Ann Morrison have decided to retire as Non-Executive Directors at the 2020 Annual General Meeting, and do not intend to seek re-election.

As a result of this, and with a view to further reducing Board costs, Myer will not be seeking to replace these positions.

For a period during April, when all stores were closed and Team Members were stood down due to Covid-19, the Chairman and other Non-Executive Directors elected to forego their Director fees.

Myer’s Chairman, Garry Hounsell says “The decision to forego Director fees for a period in April, and to receive reduced fees during May and June were absolutely appropriate and today’s announcement of a smaller Board, reflects the size of the business, our ongoing focus on costs and the current operating environment.

Shares in Myer Holdings (ASX:MYR) are trading 3.3 per cent higher at 24 cents.