Where is the love? Valentine’s Day last week ended the relationship between Richard Umbers and Myer, a month short of three years.

After three profit downgrades in two years and with a substantial writedown on goodwill and intangible assets looming, Umbers’ leadership had become untenable.

With dismal first half trading results to be released next month, amidst growing investor frustration with excuses, promises and revised performance targets, the Myer board of directors decided Umbers could not deliver a turnaround in the business.

Undoubtedly, there was an element of self preservation in the Myer directors’ decision to end Umbers’ tenure, with Solomon Lew, a substantial shareholder and agitator, poised to resume his campaign for wholesale changes in the department store chain.

Locked content

Subscribe today or login

Subscribe Log in

Gain access to exclusive news, article locked content and much more. Subscribe today for:

Weekly Print & Digital Edition

Quarterly Magazine Print & Digital Edition

Annual Australian Retail Outlook Publication

Access to Locked Content

20% off Tickets to inside Retail Academy Events for yourself and colleagues