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Billionaire shareholder of Australia's Myer Holdings leads revolt against board

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Published Fri, Nov 24, 2017 · 09:50 PM

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    Sydney

    SHAREHOLDERS of struggling Australian retailer Myer Holdings Ltd voted down its executive pay proposals on Friday, in a revolt led by billionaire investor Solomon Lew that put the board on notice to start delivering on its turnaround strategy.

    The move marks an escalation of a battle between the 117-year-old department store chain and its biggest shareholder, who has been scathing in his criticism of the board's response to new online competitors and stagnant retail sales growth.

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