Myer CEO and MD Richard Umbers has stepped down from his position.
Myer Chairman Garry Hounsell has been appointed executive chair with immediate effect.
Hounsell said a search will start immediately for a new CEO and MD.
“We are impatient for a turnaround in the company’s performance and the Board has determined that it is in the interests of all shareholders for there to be a fresh approach to drive our future direction.
“At the time of my appointment as Chairman in November 2017, I said I was impatient and this announcement reflects my desire to drive, first-hand, the urgency required to deliver shareholder value.”
Hounsell thanked Umbers for his service on behalf of the board.