John king house of fraser biography sample
Home / Biography Templates & Examples / John king house of fraser biography sample
In 2016 the company turned over $3.2bn.
John King's global experience in retail and wholesale brands is unique.
Myer appoints UK retailer John King as CEO
Embattled retailer Myer has recruited former UK department stores boss John King to be its next chief executive following a three-month international search.
Myer executive chairman Garry Hounsell says Mr King led the turnaround of UK department store chain House of Fraser while CEO in the eight years to 2015.
Mr King playing a central role in lifting House of Fraser's revenues and earnings, Mr Hounsell said, by improving the product offering, launching a successful online business, cutting debt and refurbishing stores.
"During his career, John has gained significant experience across all aspects of merchandise as well as store operations, e-commerce, sourcing and supply chain," Mr Hounsell said in a statement to the ASX on Monday.
"John will bring a new perspective to Myer and has been given a full mandate by the board to deliver an improvement in financial performance."
Mr King, who has 30 years of retail experience, will take on the leadership as Myer faces threats of a board spill from its biggest shareholder and strongest critic, Solomon Lew.
He replaces Richard Umbers, who was forced out in February after he failed to turn Myer's fortunes around in the three years he was the troubled retailer's CEO.
Myer slumped to a $476.2 million half-year loss in March due a hefty writedown in goodwill and a longstanding slide in sales.
Mr King's starting date is yet to be determined and depends on when he can receive a visa to work in Australia.
His base pay, including superannuation, will be $1.2 million and he will be granted $900,000 worth of Myer share rights over three years as "alignment equity".
The new CEO's base pay is slightly higher than the $1.18 million Mr Umbers was paid in 2016/17.
However Mr King will also be eligible for short term incentives worth 80 per cent of his fixed salary from 2019/20, the majority to be paid in cash.
Mr Umbers' overall remuneration was $1.4 million in 2016/17 and $1.9 million a year earlier.
Myer shares rose on Mr King's appointment, gaining 8.5 per cent to close at 38.5 cents, which is still close to their all-time low.
Myer said Mr King has held various consulting roles to retailers in the US since leaving House of Fraser in early 2015 after the company was sold to a Chinese conglomerate.
Prior to House of Fraser, Mr King led British fashion and homeware retailer Matalan's 200 stores for three years.
He started his career at UK supermarket giant Sainsbury in the early 80s before working as a menswear merchandiser at UK department store chain Marks and Spencer.
Myer appoints John King as CEO: Ex-House of Fraser boss to take on Amazon
Australian department store giant Myer has appointed John King as its new CEO and Managing Director as it seeks to revive its fortunes.
US ecommerce specialist Amazon entered Australia’s retail scene last year and is seen as powerful competition to the country’s longstanding bricks and mortar shopping outlets.
Formerly of House of Fraser, King led the UK department store’s transformation from 2006, selling out to Chinese conglomerate Sanpower in 2014.
See also:
King commented: “I’m 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.
After an early career with Sainsbury's and Marks and Spencer in the UK, he spent 13 years in the wholesale sector, witnessed the 9/11 attacks on the Twin Towers in NYC, guided House of Fraser through the GFC and then Myer through Covid.
If you are a retail nut, this episode is a not to be missed conversation where James and John discuss the levers that actually move the needle in legacy retail: footprint and lease strategy, loyalty economics, online performance, and what it takes to lead through a crisis, stabilise balance sheets and set a retail business up for success.
Disclaimer
The views and opinions expressed in this episode are those of the guest and host and do not necessarily reflect the views of any associated companies, organisations, or affiliates.
This podcast is intended for informational and entertainment purposes only and should not be relied upon as professional, financial, or legal advice.
All rights reserved © What I Learned in Business (that didn’t kill me!)
Connect with James
- Website: jameshstewart.com
- LinkedIn: James H.
Stewart GAICD
Hosted on Acast. He led three major retailers—Matalan, House of Fraser, and Myer—through wildly different market cycles, against major headwinds and each with their own unique set of challenges. See acast.com/privacy for more information.
John King: Myer, House of Fraser, Matalan.
John King's global experience in retail and wholesale brands is unique.
After an early career with Sainsbury's and Marks and Spencer in the UK, he spent 13 years in the wholesale sector, witnessed the 9/11 attacks on the Twin Towers in NYC, guided House of Fraser through the GFC and then Myer through Covid.
If you are a retail nut, this episode is a not to be missed conversation where James and John discuss the levers that actually move the needle in legacy retail: footprint and lease strategy, loyalty economics, online performance, and what it takes to lead through a crisis, stabilise balance sheets and set a retail business up for success.
For the last three years, King has been living and working in the US where he has consulted to a variety of US-based retailers and has been actively involved in a number of startups.
Myer Executive Chairman, Garry Hounsell said of the appointment: “John brings over thirty years of highly relevant retail experience across department stores, specialty retailing, premium global brands, wholesale apparel and discount retail.
“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.
They also refurbished more than 70% of the property portfolio and implemented a vision, values and culture programme.”
Myer’s share price jumped on news of the announcement, showing confidence in King’s arrival.
At present the business operates 60 stores across Australia which account for 130mn store visits annually. He led three major retailers—Matalan, House of Fraser, and Myer—through wildly different market cycles, against major headwinds and each with their own unique set of challenges.