Solomon Lew launches fresh Myer broadside

May 18, 2018

Solomon Lew has warned of a further Myer profit downgrade while lashing out at its chairman.

Myer's biggest stakeholder and strongest critic Solomon Lew is warning shareholders to brace themselves for yet another company profit downgrade and loss, and has lashed out against the retailer's new chief executive.

The chairman of Premier Investments, Myer's largest shareholder, has consistently called for the Myer board to be replaced amid losses and a slide in sales, and on Friday told fellow stakeholders they may never see a dividend again from the department store giant unless the current board goes.

Mr Lew, who again took aim at Myer's executive chairman, Garry Hounsell, for drawing a salary of $83,000 per month, also spoke out about the department store chain's new British chief executive for the first time, saying he is "saddled with the same failed board".

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