Solomon Lew gears up for an additional try and oust Myer board

Solomon Lew gears up for another attempt to oust Myer board

At the time, Mr Lew stated the loss was “disastrous and shameful” and referred to as for the board and chief government John King to resign. Last week, he implied the corporate was headed for administration and additional slammed its administration.

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The newest transfer mirrors steps taken by Mr Lew in 2017 and 2018, when the billionaire additionally reached out to hundreds of Myer shareholders to garner assist to spill Myer’s administration.

Both instances, funding agency Investors Mutual blocked the billionaire’s efforts to nominate three of his personal lieutenants to the Myer board. However, with Investors Mutual promoting out of its 10 per cent stake earlier this yr, the one potential opposition comes from 7 per cent shareholder Wilson Asset Management (WAM).

WAM’s chairman Geoff Wilson has traditionally been supportive of the Myer board, nevertheless final month he pressured the retailer to cut back its board charges and minimize the variety of board members, which it promptly did.

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