Solomon Lew gears up for another attempt to oust Myer board

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At the time, Mr Lew said the loss was “disastrous and shameful” and called for the board and chief executive John King to resign. Last week, he implied the company was headed for administration and further slammed its management.

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The latest move mirrors steps taken by Mr Lew in 2017 and 2018, when the billionaire also reached out to thousands of Myer shareholders to garner support to spill Myer’s management.

Both times, investment firm Investors Mutual blocked the billionaire’s efforts to appoint three of his own lieutenants to the Myer board. However, with Investors Mutual selling out of its 10 per cent stake earlier this year, the only potential opposition comes from 7 per cent shareholder Wilson Asset Management (WAM).

WAM’s chairman Geoff Wilson has historically been supportive of the Myer board, however last month he pressured the retailer to reduce its board fees and cut the number of board members, which it promptly did.

A Global Asset Management Seoul Korea Magazine

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