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A corporate dud!

At one time Myer stores in Australia were the 5th largest in the world.    Then they became a public company - only to be acquired by a private equity outfit.   They sold out taking their non-taxed profits off-shore.   Finally, the company went public again with a new CEO.    He was re-placed the other day.

 As for the shareholders in the company being floated again?   Successful?  Er, no! - as this commentary under the headline "Myer is good for laughs – not governance" in The Age newspaper so devastatingly describes:

"Through various stages of panic, the people supposedly guarding the enterprise have gone through a platoon of executives, displayed how bereft of imagination they are by attempting a takeover of a competitor with much the same problems, failed at that, increased the CEO's base pay despite his performance, discovered they had no one capable of running the company, had an extremely quick and embarrassing fail in a third of the three new executives they desperately grabbed in search of an answer last year and finished up in very short order appointing another supermarket retailer to replace the supermarket retailer whose supermarket style hasn't translated into sustaining a mid-market department store chain."


Ouch!

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