Australia’s No. 1 department store chain Myer Holdings said on Wednesday CEO Richard Umbers would step down after its third profit warning in a year, boosting demands from its biggest shareholder for a board overhaul.
The cool reception suggests the $550 billion newcomer will need to trim its margins and ramp up stock selection, and eased the market’s worst fears about its potential to devastate brick-and-mortar incumbents.
Shareholders of struggling Australian retailer Myer voted down executive pay proposals on Friday, in a revolt led by billionaire investor Solomon Lew pressuring the board to start delivering on its turnaround strategy.
Amazon.com's Australian arm began an order-taking trial on Thursday, giving life to the hype which has preceded its launch in the world's No. 12 economy and weighed on the shares of the brick-and-mortar retail sector.