IML’s view on Myer
2GB Podcast: We believe Myer stores could be run better
As a significant Myer shareholder, Anton Tagliaferro talks to Ross about whether he thinks Myer is being run at its full potential.
The Australian: Myer stalker Solomon Lew declares war on retailer
A new front has opened against the embattled Myer department store chain, with its biggest two shareholders joining to call for greater retail experience on its board.
Criticisms by Myer’s second biggest shareholder, fund manager Anton Tagliaferro, of Investors Mutual, follow a scathing attack on Myer’s performance by major shareholder Solomon Lew, whose Premier Investments today set the scene for a fight at the retailer’s AGM in November.
Mr Tagliaferro, whose Australian share fund owns 80 million shares in Myer, representing just over 10 per cent of its share register, confirmed with The Australian that he had begun discussions with Myer about the lack of directors on its board with direct retail experience, as well as other operational issues.
“We believe the retail environment is fairly challenging, and there are lots of moving parts, and yes I don’t think a bit of extra experience — proven retail experience — on the board would go amiss,’’ Mr Tagliaferro told The Australian.
“There is no doubt as shareholders, like him (Mr Lew), all shareholders are a bit disappointed with the performance of the share price in the last few months.’’