Shares of Australia’s Myer Holdings (ASX:MYR) experienced an increase of as much as 1.9% to A$0.53 following significant board changes.

JoAnne Stephenson, the existing chairman of Myer Holdings steps down after a seven-year tenure.

Ari Mervis, a current executive director, will succeed her as chairman.

This leadership change comes amidst a difficult year for the retailer, which has seen its stock drop by 24.3% following the last close.

Myer Holdings, based in Australia, is a significant retailer specializing in a variety of goods making it a household name.