Myer CEO and MD John King to retire
Myer’s CEO and MD John King has announced he will retire in the second half of the 2024 calendar year and return to the US.
In an ASX announcement, the department store’s board thanked King for his “extraordinary contribution” and added that his decision to leave is based on “being with his family as their health circumstances demand.”
King has more than 30 years of experience in retail across department stores, specialty retailing and premium global brands in the US and UK.
When he took over the helm of Myer in 2018, it was losing sales and struggling. King established the ‘customer first plan’ which helped the department store navigate the pandemic and return to being a profitable and stronger business.
Myer chairman, JoAnne Stephenson, said: “The board thanks John for his extraordinary contribution to the company. In what will be more than six years at the end of his tenure, John will have delivered a remarkable turnaround in the positioning and performance of the business.”
Of his retirement, King said: “When I leave Myer next year, I will do so knowing that the business has a great team of people and a bright future. I am proud of what we have achieved so far with lots more to do, so it will be a busy year ahead.”
During his tenure, the company developed a strong omnichannel offer, right-sized space requirements, developed a strong balance sheet and transformed its loyalty program.
The retailer has described its latest half result as the “best profit result” in nearly a decade and says it is “well-placed to continue its outperformance of the market.”
The Myer board will conduct a local and international search for King’s replacement.