April 23, 2018 / 4:40 AM / a year ago

Australia's Myer names former House of Fraser head King as new CEO

April 23 (Reuters) - Australia’s biggest department store operator Myer Holdings Ltd said on Monday it hired John King, a former head of Britain’s House of Fraser Ltd, as its new chief executive officer.

The hiring comes two months after Myer announced the unexpected departure of its last chief executive, Richard Umbers, and a month after it posted its biggest half yearly loss since listing.

Once a retail heavyweight in the world’s 12th largest economy, Myer has seen its market capitalisation shrink to less than a tenth of its 2009 listing value as it struggles to attract customers amid an explosion in online sales. (Reporting by Ambar Warrick in Bengaluru Editing by Byron Kaye and Muralikumar Anantharaman)

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