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

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.

While he failed to convince shareholders to give him three seats on the board, Mr Lew's insurrection against the executive remuneration report opens the way for a board spill…