Embattled retailer Myer has announced British veteran retailer John King will be its new chief executive, subject to visa approval.
He will replace former boss Richard Umbers, who stepped down in February. Since then, chairman Garry Hounsell has been running the company.
Mr King is the former chief executive of UK department store House of Fraser, which he led for eight years from 2006.
Myer has trumpeted his "successful transformation" of the company which culminated in "a sale to Chinese conglomerate Sanpower in 2014" in its statement to the Australian Stock Exchange.
Myer shares spiked at the start of this month on rumours South African Woolworths Holdings, which owns Myer rival David Jones, was running the ruler over the company.
Mr King will be paid handsomely for his service — his base pay will be $1.2 million per year and he can then potentially look forward to a short-term bonus of up to $960,000 in full-year 2020, as well as long-term bonus of $1.4 million in FY19 and up to $1.08 million in FY20.
But it is a big job ahead for the new boss.
Myer shares have bee under pressure for years and the retailer most recently reported a $476.22 million loss on lower sales. It also cut its dividend.
Mr King said: "I am excited to lead this iconic Australian Company, which like all global retailers, is facing significant change in both the retail environment and consumer shopping habits.
"I'm looking forward to the challenges and opportunities of this role."
Chairman Mr Hounsell praised his fresh hire.
"Over the course of his tenure at the House of Fraser, John and his team consistently grew revenues, differentiated the product offering and launched a successful online business, improved EBITDA and reduced the company's debt," he said.
"They also refurbished more than 70 per cent of the property portfolio and implemented a vision, values and culture program.
"John understands fashion, retailing and customers — particularly at department stores."
Investors appear to have cheered the selection, with the share price surging 8.5 per cent to 38.5 cents on the news.
Although that means Myer is still down 90 per cent on its $4.10 listing price when its private equity owners TPG and Blum Capital floated it in October 2009.
