Several investors asked for Lomax to account for his actions and called for a reprieve for the decision.
Independent investor John Farmer said: 'Why chairman, are you leaving? The initiative for this unseemly ousting reportedly lies with the senior non-executive director Kevin Lomax. Ask him to get up and account for it.'
Another, Mr Palmer, said it was a 'disastrous change', which 'lost the leadership of Paul, to an unknown chairman, through the actions of one vindictive director'.
Myners, who is highly regarded by many for his role in fighting off Phillip Green's bid for the retailer two years ago, is replaced as chairman by Lord Burns.
The group unveiled strong first-quarter trading at the annual meeting. Total UK sales rose 10.4 per cent for the 13 weeks to July 1. General merchandise sales were up 11.7 per cent and food sales rose 9.2 per cent. UK like-for-like sales were up 8.2 per cent.