Board should be answering some serious questions given this capitulation has happened under their watch. I find it hard to disagree with anything Sol is quoted in the AFR as saying:
After months of silence, Mr Lew renewed his attack on Wednesday, saying the Myer board was an "absolute disgrace."
"Sales are down, profits are down, service levels are down, CODB has increased, dividends have ceased," Mr Lew said.
"The banks are now firmly in control of Myer - the banks have taken a security charge in front of staff, suppliers, landlords and other creditors (and) this will further erode Myer's goodwill with its partners," he said.
"Since Mr Hounsell took up his role, Myer's share price has halved. Mr Hounsell must step down immediately or risk having his board spilled by a strong shareholder revolt at the upcoming AGM," he said.
MYR Price at posting:
41.5¢ Sentiment: Sell Disclosure: Not Held
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