Department store chain Myer announced that it has extended its contract with CEO and Managing Director Bernie Brookes through to August 2014. As part of the contract, Bernie Brookes’ yearly salary will increase 5.3 per cent to $1.8 million.
Chairman Howard McDonald said the Myer Board is confident that Bernie Brookes is the right leader to take the Company forward and deliver on the Company’s strategy, which has the full support of the Board. “Bernie has a strong vision for Myer and is committed to continuing to deliver on our strategy,” said McDonald.
McDonald acknowledged that the economic environment is likely to continue to be challenging in the short-term and that Brookes is well-equipped to lead Myer through the terrain.
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Bernie Brookes, who has been Managing Director and CEO since 2006, said he welcomed the new contract and the opportunity to continue his leadership of the Company. “I am committed to delivering on our strategy for the Myer business, and excited about the opportunity to continue to lead the Myer team. I am very pleased with how the team has delivered in a particularly challenging current retail environment.”
Subject to shareholder approval at the Annual General Meeting in November 2011, Bernie Brookes will be entitled to receive performance rights to the value of $2.7 million.
In July, Myer said it expects net profit for the year to July 31 to be up to 5 per cent below the previous year's net profit of $169 million.