Home / Knowledge / News / Apparel/Garments / Myer extends contract with CEO
Myer extends contract with CEO
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:

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.

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

Apparel/Garments | On 5th Dec 2016

EC proposes new tax rules to support e-commerce in EU

The European Commission (EC) has unveiled a series of measures to...

Apparel/Garments | On 5th Dec 2016

Traders to intensify adoption of digital payments

Adoption of digital payments in their existing business format would...

Textiles | On 5th Dec 2016

US textile & apparel exports down 6.44% in Jan-Sept ’16

The exports of textile and apparel from United States were down 6.44...

Interviews View All

Anvita Mehra
Confidential Couture

‘It is going to take some time for Indian buyers to get accustomed to...

Smita Murarka

‘There is huge demand in the Indian lingerie market for non-wired styles.’

Sonia Agarwal

‘The terms eco-friendly and organic are common but everyone perceives them ...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Robert Brunner

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies

December 2016

December 2016

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


Browse Our Archives


Advanced Search