The Myer Holdings Ltd share price surges on CEO appointment

Shares in Myer Holdings Ltd (ASX: MYR) were up 8.5% to $0.38 on Monday, after the company announced John King will be the new chief executive officer and managing director.

Mr King has 30 years’ experience in the retail sector. He spent the last three years in the United States, consulting for various retailers and participating in start-ups. Previously, he led British department store group House of Fraser for eight years, until the company was acquired by Chinese conglomerate Sanpower in 2014.

King will receive a fixed compensation of $1.2 million a year and $900,000 equity in the form of share rights upon commencement of employment – plus short-term and long-term incentives worth on aggregate up to nearly 200% of his fixed compensation, conditional on performance.

Myer’s chairman Garry Hounsell said: “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.”

Myer needs a quick turnaround, after three profit downgrades in the space of 12 months culminated in February with the resignation of Richard Umbers, King’s predecessor. The company lost nearly 70% of its market capitalisation over the past 52 weeks.

Top 3 ASX Blue Chips To Buy In 2018

For many, blue chip stocks mean stability, profitability and regular dividends, often fully franked..

But knowing which blue chips to buy, and when, can be fraught with danger.

The Motley Fool’s in-house analyst team has poured over thousands of hours worth of proprietary research to bring you the names of "The Motley Fool’s Top 3 Blue Chip Stocks for 2018."

Each one pays a fully franked dividend. Each one has not only grown its profits, but has also grown its dividend. One increased it by a whopping 33%, while another trades on a grossed up (fully franked) dividend yield of almost 7%.

The names of these Top 3 ASX Blue Chips are included in this specially prepared free report. But you will have to hurry. Depending on demand – and how quickly the share prices of these companies moves – we may be forced to remove this report.

Click here to claim your free report.

Motley Fool contributor Tommaso Autorino has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

5 ASX Stocks for Building Wealth After 50

I just read that Warren Buffett, the world’s best investor, made over 99% of his massive fortune after his 50th birthday.

It just goes to show you… it’s never too late to start securing your financial future.

And Motley Fool Chief Investment Advisor Scott Phillips just released a brand-new report that reveals five of our favourite ASX stocks for building wealth after 50.

– Each company boasts strong growth prospects over the next 3 to 5 years…

– Most importantly each pays a generous dividend, fully franked.

Simply click here to find out how you can claim your FREE copy of “5 ASX Stocks for Building Wealth After 50.”

See the stocks now