The pain continues for Myer Holdings Ltd (ASX: MYR) investors after it fell 1.34% on Wednesday closing at $0.735c a share. The retail giant has halved its value on the share market this calendar year and last week posted its worst profit since listing on the ASX in 2009.
On Wednesday Myer announced incoming chairman Garry Hounsell will join the board following the company's Annual General Meeting (AGM) on November 24. Hounsell has been a part of a number of successful business transformations, including Qantas Airways Limited (ASX: QAN) and Treasury Wine Estates Ltd (ASX: TWE).
Myer's challenge now is going to the AGM and putting forward Hounsell's credentials which have already been questioned by high-profile shareholder Solomon Lew.
Myer's shares rose sharply two weeks ago when Lew's Premier Investments Limited (ASX: PMV) told the market it had asked for details of Myer's share register ahead of the AGM and sparked speculation that a takeover bid was coming.
