By Stuart Condie
SYDNEY–Australian retail conglomerate Premier Investments will consider demerging one or more of its brands into standalone businesses as part of a strategic review that prompted the resignation of Chief Executive Richard Murray.
The ASX-listed company on Monday said that the review recognized the increased scale of its businesses and the opportunities available to them. It will focus on its Peter Alexander sleepwear chain, Smiggle stationery stores, and apparel brands, it said.
“The review will consider a range of options and will include a review of Premier’s corporate, operating and capital structure, including dividend policies and a separation of the group into two or more distinct entities by way of demerger,” Premier said.
Premier said that Murray had resigned and would be replaced as CEO on an interim basis by Chief Financial Officer John Bryce with immediate effect.
“The board accepts and understands Richard’s decision to step down,” Chairman Solomon Lew said.
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