Myer Ends Three-Year Relationship on Valentine’s Day
No-moat-rated Myer has announced that Richard Umbers will be stepping down from his role as CEO and Managing Director; a position he held for the last three years. The announcement follows last week’s profit warning, capping off a disappointing period of underperformance under his tenure. Notwithstanding the management change, in the absence of a revised corporate strategy, our long-term outlook on Myer remains intact. We retain our fair value estimate of AUD 0.66 per share.Last week’s trading ...
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