Home / Knowledge / News / Apparel/Garments / Myer extends contract with CEO
Myer extends contract with CEO
10
Aug '11
Myer Holdings Limited (MYR) confirmed it had reached an agreement with Chief Executive Officer and Managing Director, Bernie Brookes, to extend the term of his contract as Chief Executive with Myer through to August 2014.

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 Mr McDonald.

“While Bernie's previous contract was due to expire in August 2012, the Board is pleased to have agreed a new contract to provide stability and continuity of management. Bernie has also indicated his desire to see through the commitment he made to the Board to realise our plans for the business.

“The economic environment is likely to continue to be challenging in the short-term, demanding the attention of a highly experienced retailer as Chief Executive, supported by a strong management team. We are certainly of the view that Bernie and his team meet those criteria.

“The Board is committed to ensuring there is a strong link between performance and reward. This contract is highly performance oriented and has regard for both short and medium-term time horizons,” he said.

Bernie Brookes 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.

Our investment since 2006 has delivered a sustainable retail platform that has set us in good stead to weather this consumer downturn. With these strong foundations we are well positioned to benefit when consumer sentiment improves,” Mr Brookes said.

The key terms and conditions under the renewed contract are described below:

Term
Mr Brookes' employment will continue until 31 August 2014.

Remuneration package
Mr Brookes' remuneration includes his total fixed compensation (TFC) (being cash salary and superannuation), an annual short term incentive delivered in cash and a long term incentive delivered in equity.

TFC
Mr Brookes' TFC is subject to annual performance based review and has been adjusted by 5.3% to $1.8 million per annum.

Annual short-term incentive
Mr Brookes is eligible to receive a target annual incentive payment equivalent to 100% of TFC under the Myer Annual Incentive Plan for achievement against targeted performance. The assessment of performance and any payment is to be determined by the Board at its absolute discretion. The Board discretion will now also apply to any above target payment where performance against the established targets might warrant such consideration. Mr Brookes' previous plan provided for payments up to 200% of TFC based on prescribed metrics.

Must ReadView All

Textiles | On 22nd Feb 2017

Bangladesh exporters want duty-free access to US, Brazil

Garment and apparel exporters of Bangladesh are seeking duty-free...

Textiles | On 22nd Feb 2017

India to produce 341 lakh bales cotton in 2016-17: CAI

The Cotton Association of India (CAI) has maintained in its January...

Textiles | On 22nd Feb 2017

'India to be self-sufficient in silk production by 2020'

Indian could be self-sufficient in silk production by the year 2020...

Interviews View All

Riddhika Shah
SS Homme

'Worsted wool is the ideal fabric for menswear'

Jurgen Gauger
Spreadshirt

‘Buying crowdsourced or creative designs are much more appealing to the...

Varinder Singh Jawanda
Trendy Bharat

Sizing and fitting issues are inherent problems for companies expanding...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
February 2017

February 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search