The stalwart retailer’s plan to give birth to a litter of retail companies displays a whole new level of boldness.
Splitting up isn’t so hard to do for Solomon Lew. The billionaire’s side-gun – Premier’s chief executive Richard Murray – is leaving the job and Lew is contemplating the mother of all demergers for his sprawling retail empire.
It is an enormous exercise of corporate deconstruction aimed at creating value. And given it will be engineered as a demerger, Premier shareholders, including Lew, will receive shares in all the new companies. If successful, the demerger would leave Lew with a 40 per cent interest in each.This mooted break-up of the empire would certainly have provided Murray with the incentive to jump ship, but sources say Murray wasn’t aware of the corporate restructure plans until the weekend.
And the good news for Lew is that if this four-way split is successfully executed, Premier won’t need to replace Murray with a new hotshot retail executive. Instead, he will need a strong finance person and John Bryce, who is the company’s long-standing chief financial officer, is made to order for that role.
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