MYR myer holdings limited

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King left House of Fraser after it was sold to Sanpower (sale...

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10/09/20

13:55

Post #: 47240255
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Originally posted by sabine: ↑

Just over two years ago John King was appointed to turn things round at Myer on a big salary.

This story below, from the ABC, says he was previously a star at the UK’s House of Fraser. although it seems a few months after he left his position there, Sports Direct bought that business out of administration;

[BBC 26/07/19 “ Sports Direct says it regrets rescuing House of Fraser in its much-delayed results, which revealed a €674m (£605m) tax bill from Belgian authorities. The firm, which bought the department store out of administration a year ago, said: "If we had the gift of hindsight we might have made a different decision in August 2018." It described problems at House of Fraser as "nothing short of terminal".]

Cheers

https://www.abc.net.au/news/2018-04...-king-to-turn-department-store-around/9688544
Myer appoints British veteran retailer John King to turn department store around

By business reporter Carrington Clarke
Posted Monday 23 April 2018 at 2:50pm, updated Monday 23 April 2018 at 3:21pm

Myer chairman Garry Hounsell (right) praised the recruitment of John King (left).(Supplied: Myer)

Embattled retailer Myer has announced British veteran retailer John King will be its new chief executive, subject to visa approval.

He will replace former boss Richard Umbers, who stepped down in February. Since then, chairman Garry Hounsell has been running the company.

Mr King is the former chief executive of UK department store House of Fraser, which he led for eight years from 2006.
Myer has trumpeted his "successful transformation" of the company which culminated in "a sale to Chinese conglomerate Sanpower in 2014" in its statement to the Australian Stock Exchange.

Myer shares spiked at the start of this month on rumours South African Woolworths Holdings, which owns Myer rival David Jones, was running the ruler over the company.

Mr King will be paid handsomely for his service — his base pay will be $1.2 million per year and he can then potentially look forward to a short-term bonus of up to $960,000 in full-year 2020, as well as long-term bonus of $1.4 million in FY19 and up to $1.08 million in FY20.

But it is a big job ahead for the new boss.
Myer shares have bee under pressure for years and the retailer most recently reported a $476.22 million loss on lower sales. It also cut its dividend.

Myer's share price jumped 8.5 per cent on the news to 38.5 cents.(ABC News: Stephen Letts)

Mr King said: "I am excited to lead this iconic Australian Company, which like all global retailers, is facing significant change in both the retail environment and consumer shopping habits.
"I'm looking forward to the challenges and opportunities of this role."

Chairman Mr Hounsell praised his fresh hire.

"Over the course of his tenure at the House of Fraser, John and his team consistently grew revenues, differentiated the product offering and launched a successful online business, improved EBITDA and reduced the company's debt," he said.
"They also refurbished more than 70 per cent of the property portfolio and implemented a vision, values and culture program.
"John understands fashion, retailing and customers — particularly at department stores."

Investors appear to have cheered the selection, with the share price surging 8.5 per cent to 38.5 cents on the news.
Although that means Myer is still down 90 per cent on its $4.10 listing price when its private equity owners TPG and Blum Capital floated it in October 2009.

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King left House of Fraser after it was sold to Sanpower (sale was in 2014, he left in early 2015) as per this story:
https://www.thedrum.com/news/2015/02/18/house-fraser-ceo-john-king-departs-raft-management-changes-introduced

Here's another story covering Sanpowers inability to acheive it's goals with House of Fraser:
https://www.mingtiandi.com/real-estate/outbound-investment/sanpower-to-sell-flailing-house-of-fraser-after-launching-two-china-stores/
MYR Price at posting: 21.8¢ Sentiment: Hold Disclosure: Held
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