Myer boss Bernie Brookes is stepping down after almost nine years in charge , as Australia ’ s largest department store chain pushes to modernise its business . The Chief Executive Officer and Managing Director , who joined the retail company in June 2006 , resigned as Myer promised to ‘ adapt more quickly and be closer to its customers ’ after a drop in share prices last year . In an executive shake-up that will see Myer ’ s Chief Information and Supply Chain Officer Richard Umbers take over Brookes ’ role , the chain said in a statement : ‘ It is appropriate for a new CEO to be given the opportunity to own , lead and drive the transformation program over the coming years. ’ ‘ It has become clear that to thrive in a modern retail environment , Myer must adapt more quickly and be closer to its customers , ’ Myer Chairman , Mr Paul McClintock AO , said . Scroll down for video . Myer boss Bernie Brookes is resigning after almost nine years in charge . Richard Umbers has been promoted as Myer 's next CEO and posed at the company 's HQ in Melbourne today . ‘ A strategic review has been ongoing for some time , with a view to reshaping the business for a profitable , sustainable future . ‘ Already in his time at Myer , Richard has demonstrated that he is a contemporary retailer with the clear ability to reshape Myer in a new retail landscape , ’ Mr McClintock said . The retail giant will pay Umbers $ 1.2 million annually and he will also be eligible for performance-based bonuses . Umbers , who trained as an engineer in the British army , joined Myer in September 2014 after previously holding executive positions at Australia Post and Woolworths . In September last year , Myer shares fell 19 per cent , reducing more than $ 262 million from its market capitalisation . The share dive came after Myer ’ s release of its full-year results and its profit guidance for 2015 . UBS analyst Ben Gilbert told the Sydney Morning Herald at the time that he predicted a ‘ sell ’ on Myer . ‘ Despite putting on a brave face , [ the ] fiscal 2014 result showed that Myer is struggling and having to spend more to stand still , ’ he said . Jennifer Hawkins ( C ) and models walk the finale during the Myer A/W 2015 Season Launch at Myer Mural Hall on February 12 , 2015 in Melbourne . Model Jennifer Hawkins acts as a brand ambassador for the department store chain . ‘ We believe Myer management are doing a good job but face numerous challenges that pose a significant threat to future earnings. ’ Mr Gilbert listed the threats to Myer 's business as new competition in the market such as Uniqlo , Sephora and H & M , the falling Australian dollar and rising costs . Announcing his resignation , Mr Brookes said : ‘ Myer is a fantastic company with an iconic brand and legacy that I remain incredibly passionate about . While there is no doubt that there are many challenges facing the business , I do believe Myer has a strong future ahead of it . ‘ After almost nine years , the time is now right for me to pass on the reins to the next leader to take the business forward . Myer is Australia 's largest department store and is pushing to modernise its business . ‘ Having now worked with Richard for six months I know that he has the right experience and a great desire to see Myer succeed . I have thoroughly enjoyed my time at Myer and wish the team all the best with the next exciting phase for this great business. ’ Myer also announced the resignation of Chief Financial Officer Mark Ashby . ‘ Mark has been offered a great opportunity in the United States and he leaves with our best wishes , ’ Mr McClintock said . The department store ’ s interim results for the 26 weeks ended 24 January 2015 will be released on 19 March 2015 . Myer also announced the resignation of Chief Financial Officer Mark Ashby .
Myer 's Chief Information Officer Richard Umbers promoted to CEO . Bernie Brookes has stepped down after eight years at the top . In 2014 Myer 's share prices dropped $ 1.2 million . Threats to the business are said to include new competition in the market . The falling Australian dollar and rising costs are also said to be to blame . 'Myer must adapt more quickly and be closer to its customers , ' Myer Chairman Mr Paul McClintock said .