Chief information and supply chain officer Richard Umbers has now been appointed to the position.
Brookes will support Umbers through a period of transition of two months.
Daniel Bracken has been appointed deputy chief executive officer, in addition to his current role as chief merchandise and marketing officer.
Myer also announced the resignation of CFO Mark Ashby, to take up a role overseas.
Myer chairman Paul McClintock thanked Brookes for his eight year tenure.
"Bernie has guided the business through an eventful period, from a turnaround under private ownership to a public listing, and through a period of sustained weakness in consumer sentiment, competitive disruption and structural change.
"Myer has been well served by having a retailer of Bernie’s calibre during this period.
“It has become clear that to thrive in a modern retail environment, Myer must adapt more quickly and be closer to its customers.
"A strategic review has been ongoing for some time, with a view to reshaping the business for a profitable, sustainable future.
"The addition of highly experienced executives last year has brought a broad range of perspectives to the strategic review.
"Based on this work it has become evident that a transformation project of the scale required to achieve the Board’s vision will take a number of years to implement.
“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 over the coming years.
“Already in his time at Myer, Richard has demonstrated that he is a contemporary retailer with the clear ability to reshape Myer in a new retail landscape.
"He has broad international experience across the retail sector and, importantly, success in leading business transformation. Richard heads up a highly experienced executive team with strong international and fashion credentials."
Brookes reflected on his time at the department store.
“Myer is a fantastic company with an iconic brand and legacy that I remain incredibly passionate about. While there is no doubt that there are many challenges facing the business, I do believe Myer has a strong future ahead of it.
“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.
"Having now worked with Richard for six months I know that he has the right experience and a great desire to see Myer succeed. I have thoroughly enjoyed my time at Myer and wish the team all the best with the next exciting phase for this great business."
