Myer Group has confirmed it has reached an agreement with Chief Executive Officer and Managing Director, Bernie Brookes, to extend his the term of his contract through to August 2014.


Chairman Howard McDonald expressed the board’s confidence that Mr Brookes continues to be ‘the right leader’ to take the company through the worst retail market in the last 50 years.


“The economic environment is likely to continue to be challenging in the short-term, demanding the attention of a highly experienced retailer as Chief Executive, supported by a strong management team. We are certainly of the view that Bernie and his team meet those criteria,” Mr McDonald said.


The pay increase represents a 5.3 per cent boost, bringing his annual salary to $1.8 million per annum with an annual short-term incentive of 100 per cent of his TFC and will be awarded at the board’s discretion.


The long-term incentive was announced to be valued at $2.7 million and will be granted in a single tranche and will be awarded on the same performance rights granted to other senior executives participating in the Myer Equity Incentive Plan.