A shareholder in struggling Australian grocery Coles Myer today [Tuesday] asked its chairman Stan Wallis to step down with immediate effect.
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Such a move would accelerate Wallis’ departure from Coles Myer, slated for November.
Ron Brierley, chairman of Coles Myer shareholder Premier Investments, sent Wallis a letter. “The next two and a half months prior to the AGM will be a very critical time for Coles Myer and, in our view, you should resign from the board forthwith, to allow genuine change to commence immediately […]We do not have confidence in your continued tenure as chairman of the company,” said Brierley, who is also chairman of Guinness Peat Group Plc .
The letter was seen by the Reuters news agency.
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