Department store chain Myer has appointed non-executive director Olivia Wirth as CEO and executive chair, effective June 4.
Wirth will succeed current CEO and MD John King, who will remain in his role until June 3 to facilitate the transition and handover.
Previously, Wirth served as the CEO of Qantas Loyalty, where she worked for nearly 15 years.
“Since joining the board last year, Olivia has demonstrated impressive commercial acumen and an acute understanding of the dynamics facing both Myer and the broader retail sector, Myer chairman Ari Mervis said.
“It is the board’s view that Olivia is the ideal person to lead Myer as it accelerates the work undertaken in recent years to stabilise and strengthen the business.”
In addition, the company appointed executive GM of stores Tony Sutton as the new COO.
Current independent non-executive director Gary Weiss has been named as deputy chair and lead independent director, a newly created role at Myer’s aimed to enhance governance.
In the fiscal first half, Myer’s net income fell 19.9 per cent to $52.0 million while sales declined 3.0 per cent to $1.83 billion.
King said that the company’s continued focus on newness and tight inventory are expected to drive growth in the fiscal second half.
