Myer has announced the appointment of Garry Hounsell to the role of non-executive director and deputy chairman, as part of its ongoing board restructuring plans.
The company stated Hounsell was appointed to the role due to his considerable board experience including as a director and chairman across a broad range of ASX-listed, consumer-facing, businesses.
Hounsell will play a vital role in Myer's new strategy as the company still reels from its 80% profit plunge this financial year.
It also comes as Myer CEO Richard Umbers takes a $150,000 pay cut in the wake of its poor financial performance.
Umbers' statutory remuneration for 2016/17 was $1.74 million, down from $1.9 million a year ago.
While the cash component of his pay unchanged at $1.18 million, there was no short-term incentive after missed performance targets.
Myer is expected to tap into Hounsell's first-hand experience in delivering transformational change in the face of competitive disruption.
Myer also confirmed that current board member Joanne Stephenson would replace outgoing member Anne Brennan as chair of the audit, finance and risk committee.
Myer chairman Paul McClintock welcomed the appointments, acknowledging the important role both members will play in the transformation of the company.
"Today’s announcement is the next step in a renewal program that is an ongoing element of the board’s work. Garry’s deep experience and exposure to a broad range of retail-focused and consumer-facing businesses makes him an excellent addition to the Myer board and in the future as chairman.
“We are now two years into our transformation under the new Myer strategy and today’s announcements will ensure strong continuity of the board’s capabilities in what are clearly challenging times for our sector,"
Hounsell, who was most recently chairman of Spotless Group and is currently a non-executive director of HelloWorld Travel, is expected to transition into the role following the annual general meeting in November.