Myer has resisted this,saying it would be too great a conflict of interest because Premier is both a competitor and supplier to Myer through its brands,which include Just Jeans,Peter Alexander,Portmans,and through companies linked to the Lew family.
Myer on Wednesday reported a statutory net loss of $486 million for the 2018 financial year,compared to an $11.9 million profit a year earlier,driven by falling sales and a $515 million writedown to the value of Myer's goodwill and brand name.
Even without one-off charges,Myer's profit fell 52 per cent from $68 million last year to $32.5 million,which chairman Mr Hounsell said was"disappointing".
Mr Lew said that for once,Premier agreed with Mr Hounsell,who it has criticised for his lack of retail experience.
"Myer shareholders have spent the last year paying for Garry Hounsell’s retail traineeship,"Mr Lew said. “Mr Hounsell must step down immediately or risk having his board spilled by a strong shareholder revolt at the upcoming AGM."
Mr Hounsell said his board had acted decisively when it realised the business was not going to improve earnings andfired former CEO Richard Umbers to bring in new CEO John King and other new senior executives.