Myer 's Chief Information Officer Richard Umbers promoted to CEO . The company has been under pressure from the Australian Competition and Consumer Commission (ACCC) over its pricing practices in recent years, which have seen it charge customers for services that are not available on other platforms In 2014 Myer 's share prices dropped 19 per cent . 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 .
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 19 per cent . 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 .