NATIONAL: Department store Myer has turned to the experienced hand of former Just Group managing director Howard McDonald to help path the way for its potential listing on the Australian Securities Exchange (ASX).
The Melbourne-headquartered group this morning announced it had appointed McDonald as non executive chairman of the business following the immediate resignation of Bill Wavish.
McDonald, who has been working with the department store in a consultancy role for the past three years, was at the helm of Just Group when it listed in May 2004.
Myer CEO Bernie Brookes said McDonald's appointment helped ensure a smooth hand over between the executive team.
"His appointment ensures a seamless transition both in the role of chairman and also the transition to a potential listing of the business. McDonald brings significant retail and fashion as well as initial public offering (IPO) experience to the Myer business."
While speculation has been doing the rounds for some time about Myer's intention to list on the ASX, the company selected the day rival David Jones launches its new season collections to state publicly that a potential float is on the cards sooner rather than later.
"The ongoing trend of performance improvement across a range of business metrics and a continued strengthening of sales and profit performance in the fourth quarter, has encouraged the owners of Myer to begin a review process that may result in an IPO in the near term, potentially this calendar year."
The company said any decision to list would be made by owners TPG Capital, The Myer Family Company and Blum Capital, after taking into consideration factors such as market conditions and potential demand for alternative ownership.
Brookes said Wavish would remain on the Myer pay roll as a consultant for at least the next 12 months.
The 61-year-old would retain an office in Myer Sydney and would continue to contribute to the group's store improvement program, Brookes said.