Department store giant Myer has announced the appointment of Olivia Wirth as its new CEO and Executive Chair, set to take effect on June 4.
Wirth, who previously made her mark as the CEO of Qantas Loyalty, brings to Myer nearly 15 years of substantial experience in driving customer loyalty and business innovation. She steps into the role succeeding John King, the current CEO and MD, who will assist in the transition until his departure on June 3.
Myer chairman Ari Mervis expressed confidence in Wirth’s capabilities, stating, “Since joining the board last year, Olivia has demonstrated impressive commercial acumen and an acute understanding of the dynamics facing both Myer and the broader retail sector. It is the board’s view that Olivia is the ideal person to lead Myer as it accelerates the work undertaken in recent years to stabilise and strengthen the business.”
In tandem with Wirth’s appointment, Myer has also elevated Tony Sutton to the role of COO, reinforcing the executive team. Furthermore, the company has introduced Gary Weiss as deputy chair and lead independent director, a novel position designed to bolster governance at Myer.
The leadership shuffle comes at a pivotal time for Myer, following a report of a 19.9 percent decrease in net income to $52.0 million and a 3.0 percent drop in sales to $1.83 billion in the fiscal first half. John King highlighted the company’s strategic focus on product novelty and inventory management as key drivers for anticipated growth in the coming months.
The announcement was also spotlighted by CEW (Chief Executive Women), underscoring the significance of Wirth’s appointment as a stride towards gender equality within the retail sector. Currently, women hold 29% of board positions and 14% of CEO roles in retail, indicating a broader industry trend towards diversifying leadership.
“Myer chair Ari Mervis commented, “Since joining the board last year, Olivia has demonstrated impressive commercial acumen and an acute understanding of the dynamics facing both Myer and the broader retail sector”.
The appointment of Olivia Wirth is not only a testament to her exceptional leadership and strategic vision but also a celebration of progress in gender equality in the retail industry, heralding a new era of governance and growth for Myer.
