Stan Wallis, chairman of Australian retailer Coles Myer, is to stay on the board until November despite efforts to secure his immediate resignation.
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A board faction had tried hard to oust him with immediate effect, and yesterday Ron Brierly, chairman of 4.8% stakeholder Premier Investments, wrote an open letter declaring a loss of confidence in his leadership (click here for more details).
However, the board of Coles Myer today [Wednesday] issued a statement confirming that Wallis has its full support and that he will remain in position until his planned exit after the November annual general meeting.
