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Monday 22

April, 201910:22 AM

Myer CEO buys up as shares surge

Myer CEO buys up as shares surge

Myer boss John King has purchased 100,000 shares in the retailer, increasing his stake to 150,000 as the company's shares surged.

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By AAP 13.09.2018 03:39 PM

Myer chief executive John King has increased his stake in the beleaguered retailer, purchasing 100,000 shares a day after it posted a full-year net loss of $486 million.

Mr King paid $43,500 for 100,000 shares, according to an update to the ASX on Thursday.

That parcel adds to 50,000 shares the recently installed CEO purchased in June.

Mr King was also granted $900,000 worth of performance rights - equal to 2.4 million units - in April when he was signed up as Myer chief executive, replacing Richard Umbers.

His purchase coincides with a surge in Myer shares, with were up 32.5 per cent to 55 cents at 1537 AEST - their highest level since February.

The stock has rebounded after falling to 4.6 per cent on Wednesday when the company posted what Mr King called "disappointing" results, before he outlined a plan to boost online sales, increase the focus on exclusive products and downsize store footprints.

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