SYDNEY — Myer Holdings Ltd, Australia’s biggest department store chain, is embarking on a management shake up.
Bernie Brookes is stepping down from his role as chief executive officer and managing director after nine years. Richard Umbers, the company’s chief information and supply chain officer for the past six months, will succeed him, the company said Monday.
Daniel Bracken has been appointed deputy ceo, in addition to his current role as chief merchandise and marketing officer.
Myer also revealed the resignation of chief financial officer Mark Ashby, who has accepted a position in the United States.
Myer chairman Paul McClintock said the company must work to adapt to the current retail environment more quickly and be closer to its customers.
“[T]he transformation work has reached a pivotal point and it is appropriate for a new ceo to be given the opportunity to own, lead and drive the transformation program over the coming years,” he said.
Brookes led Myer as the company executed a 2.8 billion Australian dollar, or $2.5 billion, initial public offering in October 2009.
Faced with unprecedented international retail competition and difficult trading conditions in the interim, the company’s share price has since fallen nearly 60 percent.
In fiscal 2014, Myer’s net profit plunged 22.6 percent to $98.5 million Australian dollars or $92.7 million at average rates. Sales were flat at 3.14 billion Australian dollars, or $2.95 billion.
Myer’s interim results for the 26 weeks ended Jan. 24 are due to be released March 19.
Myer’s shares closed down 20 Australian cents or 10.8 per cent, at 1.655 Australian dollars or $1.292.