Veteran retailer Solomon Lew says Myer's first-half result - a record $476 million bottom line loss - provides further evidence that the board should be replaced as soon as possible.
Mr Lew, who is threatening to overthrow the entire Myer board after losing about $63 million on its $101 million stake in Myer over the last 12 months, said the losses were 'unsustainable' and dividends were unlikely to return.
Mr Lew also noted that Myer had abandoned new performance targets for management that were only re-set at Myer's strategy day in November.
"If the board is not holding management to account, what are they doing? They have clearly surrendered their responsibility to shareholders," he said. "Any shareholder who wants to ever be paid a Myer dividend again must help us remove this board."
MYR Price at posting:
42.3¢ Sentiment: None Disclosure: Held
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