Updates with further details and background throughout

March 14 (Reuters) - Australia's Myer MYR.AX announced sweeping changes to its executive team on Friday, including picking rival David Jones' former CFO as finance chief, while the department store owner completes its merger with Premier Investments' Apparel brands.

Myer's shares gained up to 2.7% to A$0.76.

The strategic shake-up comes as Myer accelerates its transformation from a traditional department store into a leading diversified retail platform with over 700 stores across Australia and New Zealand.

Earlier this year, shareholders approved the merger of Myer with the apparel brands division of Solomon Lew's Premier Investments PMV.AX. The deal has added brands such as Jay Jays and Just Jeans to Myer's portfolio.

As part of the leadership overhaul, Myer appointed Kathy Karabatsas — who was the former CFO of David Jones — as its new chief financial officer, replacing Matt Jackman, who departs after eight years with the company.

Additionally, Megan Collins has been named chief people officer, bringing experience from her previous roles at Treasury Wine Estates TWE.AX and Newcrest Mining. Mark Medwell joins as chief information officer, strengthening Myer's focus on digital innovation and operational efficiency.

"These leadership changes materially enhance our capability to drive the next phase of growth for the expanded Myer group," said executive chair Olivia Wirth.

Myer also announced the creation of a new role — chief product officer — with a recruitment process currently underway. This executive will oversee the integration of three stand-alone Myer-owned brands — sass & bide, Marcs, and David Lawrence — into its exclusive brand portfolio.

The changes signal Myer's intent to strengthen its brand offerings, enhance customer experience and cement its position as a major player in the competitive Australian retail landscape.

(Reporting by Nichiket Sunil and Rishav Chatterjee in Bengaluru; Editing by Alan Barona)

((Nichiket.Sunil@thomsonreuters.com))