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Title : Spat between Myer board and billionaire retailer gets uglier
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Spat between Myer board and billionaire retailer gets uglier

The spat between the board of Myer and billionaire retailer Solomon Lew is getting uglier with accusations of lying and selling "fear".

Key points:

• Solomon Lew accuses Myer board of misleading shareholders
• Myer board claims billionaire could be trying to take over
• Myer chairman-elect claims he was asked to be chairman of Premier Investments

Myer chairman-elect Garry Hounsell has written to Myer shareholders claiming that while Mr Lew is telling shareholders not to vote Mr Hounsell onto the board, Mr Lew's company Premier Investments once asked Mr Hounsell to be chairman of Premier.

"Mr Lew is asking you to vote against me as your new chairman when the Premier board approached me to take the role of chairman at Premier in the past," he wrote in a letter to shareholders.

"Why is Mr Lew trying to block me from acting as Myer's chairman when I was considered good enough to lead the Premier board?"

Myer says the offer was made in 2008 prior to Mr Lew taking over as chairman of Premier Investments.

Your correspondent has it on good authority that a person who was on the Premier board at the time believes the offer of the chairmanship to Mr Hounsell "sounds like bullshit".

Mr Lew shot back with an equally strong response.

"This letter is yet another attempt by the Myer Board to mislead its own shareholders. It is a lie and a fabrication, and Mr Hounsell should withdraw it," he said.

"To suggest that Solomon Lew would hand over the chairmanship of Premier to someone he only met for the first time on October 6 this year is just absurd."

Myer board claims billionaire could be trying to take over

Mr Lew, who owns 10 per cent of Myer's shares, claims the current turnaround strategy for the department store is doomed and is demanding seats on the board.

Myer's board is refusing to hand over seats and is warning other shareholders against siding with Mr Lew at the upcoming AGM — with the board warning shareholders Mr Lew could be trying to take over Myer at a significant discount.

With the annual general meeting just around the corner, things are getting nasty.

Meanwhile, two long-standing board members of Premier Investment's have chosen today to announce their retirement from the board.

After 23 years of service to Premier, Gary Weiss will step down next July to make way for his new role as chairman of Argent Leisure, which he wrestled after a long and public campaign for change at the beleaguered firm.

Transport king and long-time friend of Mr Lew's, Lindsay Fox, is also stepping down in July after 30 years of service, just before his 81st birthday.

Premier Investments says it is now looking for two new directors — it can be assumed Mr Hounsell won't be tapped.

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