RETIRING Coles Myer chairman Stan Wallis has defended his stewardship of the retail giant and its board size, although acknowledging there was a need for new board members.
Sir Ron Brierley - who wants Mr Wallis to step down early - said it was a tragedy that Coles Myer was not one of Australia's most successful companies, blaming that in part on too big a board.
"The exact reasons are probably quite complex, but some fairly obvious ones are a dysfunctional board; occasional diversions into considering break-ups; and it is fair to say, I think, the lack of proper leadership at the chairman's level," Sir Ron told told Seven Network's Sunday Sunrise.
Sir Ron said the eventual solution might be a break-up of Coles Myer, although at the moment the timing for that could not be worse.
The Coles Myer board has backed Mr Wallis remaining in the chair until the group's November annual general meeting, but Sir Ron wants him to quit immediately.
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