Myer’s activist investors lay ground for annual meeting showdown

Introduction

Date: 20 September 2018. Duration: 11:18

Australian department store chain Myer Holdings faced renewed criticism from its largest shareholder and activist investor Solomon Lew, who said drops in sales and earnings showed the board is a disgrace and needs replacing. But a new chief executive at the company has attracted a second activist investor, Wilson Asset Management, to take a stake in the retailer and support the new management as well as the incumbent board – placing the two investors at odds with one another.

For more insight:

Myer's board, management should remain, investor Wilson Asset Management says (19 September 2018)

Myer risks board spill at annual meeting unless chairman steps down, Premier Investments says (12 September 2018)