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Solomon Lew buys up Myer stock, calls on board to resign

Premier Investments’ chairman Solomon Lew has rekindled his assault on Myer’s board today with a $16 million share grab which gives him a 15.77 per cent ownership of the department store.

The purchase, made through Premier Investments’ Metalgrove Pty Ltd, gives the business 129.5 million shares and significant voting power – which Lew intends to use to vote the Myer board out.

“It’s now been more than eight months since then Myer chairman, Garry Hounsell, abruptly resigned on the morning of Myer’s 2020 AGM sighting lack of key shareholder support for his re-election,” Lew said in a statement.

“On that day, Myer announced that Ms JoAnne Stephenson had been appointed acting chairman of Myer while a global search would be undertaken to find a replacement chairman. We are stunned that Premier has not heard from the acting chairman at any stage.

“Something has to change, and Premier has put itself in a position to make change happen. Premier calls on the failed Myer board to resign immediately.”

Lew said Premier will work with other shareholders moving forward to reconstitute the board with directors who “have expertise across retail, property, logistics and e-commerce” in an effort to reverse the department store’s luck.

Myer hasn’t yet responded to Lew’s comments.

More to come.

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