Myer chief executive Bernie Brookes is stepping down immediately and will hand the reins to Richard Umbers, a former Woolworths and Australia Post executive who joined the department store chain last year as chief information and supply chain officer.
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Former Burberry executive Daniel Bracken, Myer's chief merchandise and marketing officer, and the man previously considered most likely to succeed Mr Brookes, has been appointed deputy chief executive.
Mr Brookes, 53, has been chief executive of Myer for almost nine years and was set to retire last August, but the board extended his tenure indefinitely early last year so he could lead an ultimately unsuccessful $1.5 billion merger with arch rival David Jones.
Myer chairman Paul McClintock said Mr Umbers would lead a significant program of change and reinvigoration to ensure Myer was well placed to meet the expectations of its current and target customers, and to be able to adapt faster as retailing evolved.
Mr Brookes will support Mr Umbers through a two-month transition period.
Also on Monday, Myer announced the resignation of its chief financial officer, Mark Ashby, as earlier reported by Street Talk. Mr Ashby will take up a role overseas, the news release said.