Premier Investments Limited, operated by industry powerbroker Solomon Lew, has opened up on the shock exit of Myer CEO Richard Umbers.
In a statement to the market, Premier said the latest executive departure demonstrates "a total lack of judgement from the Myer Board and a complete abdication of responsibility."
Lew and Premier have put the department store on blast since acquiring shares last year.
Last week, Premier requested Myer’s register to provide shareholders with an opportunity to reconstitute the entire Myer board.
"It is clear from Mr Umbers’ departure that not only the Board-endorsed 'New Myer' strategy, but also the 'New, New Myer' strategy are dead and buried," it said in a statement.
"Any remaining doubt that Myer is in peril should now be removed from the minds of all of shareholders.
"Myer’s chairman, Mr Garry Hounsell, has demonstrated a total lack of judgement in the way he has acquitted himself in the role, and deserves neither to be appointed nor paid as executive chairman.
"During the all-important Christmas trading period, Mr Hounsell’s Myer admitted trading in the first two weeks in December were down 5% on the previous corresponding period. Despite this red flag, in the weeks ahead sales deteriorated further, with January sales down 6.5%."
Premier has reiterated its commitment to caucus with other significant Myer shareholders in coming weeks to compose a new Board with a majority of independent directors to be put to a vote of shareholders at an Extraordinary General Meeting.