Myer Holdings Ltd. chief executive officer and managing director Richard Umbers has stepped down after three years, effective immediately. "We are impatient for a turnaround in the company's performance and the Board has determined that it is in the interests of all shareholders for there to be a fresh approach to drive our future direction," said Gary Hounsell, Myer chairman in a statement to the Australian Securities Exchange./nbsp]The news follows less than a week after the company announced its third profit warning since July, sending Myer shares down to a record low of 53 Australian cents, or 42 cents.

On Feb. 9, Umbers announced the company expected to post a first-half net profit after tax of 37 million to 41 million Australian dollars, or $29 million to $32million – its worst half-year profit since 2009 – and to writedown the value of its assets. Umbers blamed the result on "challenging" retail conditions, including widespread industry discounting and a continued shift in consumer behavior, marked by reduced foot traffic and increased online shopping.

At the time, halfway through a five-year "New Myer" turnaround strategy that has involved closing underperforming stores and boosting the retailer's online presence to better compete with online rivals such as Amazon, Umbers added that he had "no doubt" that the company's strategy was working in the low growth environment, pointing to a 49 percent increase in first-half online sales.

Retail veteran Solomon Lew has been highly critical of Myer's performance and on Friday called for fellow Myer shareholders to "save the company" with a board spill. Mr Lew's Premier Investments took a 10.8 per cent stake in Myer in March 2017.