Myer chief Bernie Brookes replaced by Richard Umbers
Myer has announced the departure of long-time chief executive Bernie Brookes as part of a broader management shake-up.
The department store chain advised the ASX this morning that Mr Brookes was stepping down, effective immediately, after being at the helm for more than eight years.
Mr Brookes will remain with the firm for another two months to assist his replacement, current Myer chief information and supply chain officer Richard Umbers.
"Bernie has guided the business through an eventful period ... a period of sustained weakness in consumer sentiment, competitive disruption and structural change," Myer chairman Paul McClintock said in a statement.
"It has become clear that to thrive in a modern retail environment, Myer must adapt more quickly and be closer to its customers.
"The board and management team have agreed that the 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."
Mr Brookes had indicated he would retire when his previous contract concluded in August last year.
But Myer instead reappointed Mr Brookes as it sought to sure up its ultimately failed bid to merge with rival David Jones.
Mr Brookes has more than three decades of retail experience, working as a senior executive with Woolworths before joining Myer in 2006.
"After almost nine years, the time is now right for me to pass on the reins to the next leader to take the business forward," Mr Brookes said of his departure.
"While there is no doubt that there are many challenges facing the business, I do believe Myer has a strong future ahead of it."
Myer today also announced that chief financial officer Mark Ashby is leaving after seven years, though no decision has been made yet on who will replace him.
In contrast to that combined loss of corporate knowledge, new chief Richard Umbers only joined Myer six months ago, having previously worked at Woolworths and Australia Post.
Today's announcement revealed the creation of a new position of deputy CEO, with the role to be taken on by another internal candidate - current chief merchandise and marketing officer Daniel Bracken.
Mr Bracken is also a recent addition to the management stocks, having begun working for Myer in September last year.
Myer shareholders were obviously unimpressed with the management shake-up, sending the firm's stocks down more than 12 per cent by 1:00pm (AEDT).
