Myer chair Paul McClintock reneges on retirement promise
"Myer, taking more water than the Snowy Hydro, has tapped Garry Hounsell to be its next chairman. The Yarra Valley winemaker sure likes his sandwiches stuffed with punishment, having most recently chaired Spotless through its remarkably rudderless defence against Grant Fenn at Downer.
But Hounsell is only assuming the chair on a nebulous future date. Current chairman Paul McClintock is putting himself up for re-election at Myer's November annual meeting. That is despite McClintock's assurances to institutional investors and proxy advisers 18 months ago that he would be gone by now. Those assurances gave the former Commonwealth bureaucrat a stay of execution, allowing him to remain in place without facing a shareholder vote last year, a vote that would have certainly ended his tenure.
Institutions were shocked to learn on Wednesday (from us, not Myer) that McClintock is running again. Shocked, given his previous undertakings not to, and the calamitous performance he has presided over. Hounsell knows how to chair an AGM and a board meeting. And what has changed, including the retailer's stubbornly downward spiral? Thus McClintock's chances of actually being returned are statistically akin to ours of running Harvey Norman.
This one has gone as badly for McClintock as his chairmanship of Plutonic Resources. And, indeed, as badly as helming Woolworths went for his old man Sir Eric McClintock. The grocer hit the fence in 1987 under the knight's grand leadership. Ah, the sins of the father!"
Media's still pessimistic about Myer's corporate governance.
MYR Price at posting:
68.5¢ Sentiment: Hold Disclosure: Held
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