Myer Chief Executive Richard Umbers Promises A Stronger, Faster-Growing Retail Chain

Myer's chief executive Richard Umbers is working to revive Australia's largest retail chain. Appointed to the company's top post in March 2016, Umbers promised shareholders that he would end Myer's two decades of declining sales. Also, he said sales would grow 3 percent per year by 2020, with earnings growth ahead of sales growth by 2017. Referred to by Umbers as “New Myer,” the turnaround plan would cost about A$600 million, or US$450 million, during the next five years. Factors adversely affecting the company's operations include its inability to compete with online retailers, as well as foreign-based brands, including Zara and Topshop. Umbers also said Myer has lagged its rivals in terms of technology use and has been out of touch with customers.