All over for Umbers as Myer stumbles on
Richard Umbers has been forced to step down as CEO of Myer after failing to turn the department store chain's fortunes around over. Myer's board asked Mr Umbers to resign after a profit warning made last Friday, ending his three years at the helm of the retailer.
* March, 2015: Mr Umbers appointed CEO after predecessor Bernie Brookes resigns and the retailer posts a first-half net profit slump.
* Sept, 2015: Mr Umbers launches the "New Myer" five-year, $600 million turnaround strategy, which includes store closures and the dumping of 100 brands.
* Sept, 2015: Myer buys a 25 per cent stake in Topshop Topman's Australian franchisor and introduces the UK brand to its stores.
* Sept, 2016: New Myer strategy shows signs of working after Myer's full-year profit for 2015/16 more than doubles.
* March, 2017: Myer's half-year revenue falls slightly with weak like-for-like sales growth but profit lifts 5.3 per cent.
* March, 2017: Solomon Lew's Premier Investments buys a 10.8 per cent stake in Myer.
* July, 2017: Myer announces it will take a $46 million hit after writing off the value of its stake in Topshop and impairing the value of its struggling sass & bide brand.
* July, 2017: Deputy CEO Daniel Bracken, one of New Myer's architects, resigns and the company downgrades its full-year earnings guidance.
* Sept, 2017: Myer reports an 80 per cent fall in full-year profit to $11.94 million.
* Nov, 2017: Solomon Lew attempts to cause a first strike of Myer's executive remuneration at its AGM but fails.
* Nov, 2017: Myer's chairman Paul McClintock resigns and is replaced by Garry Hounsell.
* Dec, 2017: Myer warns its first half profit will be "materially weaker" than the $62.8 million made in the same period a year ago.
* Feb 9, 2017: Myer downgrades profit guidance further and Solomon Lew calls for an extraordinary general meeting.
* Feb 14, 2017: Richard Umbers resigns as CEO following pressure from the board.
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