Wesfarmers Chief Executive retires
Chief Executive and Managing Director of Wesfarmers Richard Goyder has retired after 12 years in the role.
Goyder will be replaced by Rob Scott who has been Deputy Chief Executive of Wesfarmers since February 2017.
Chairman of Wesfarmers, Michael Chaney (also retiring), said whilst Goyder was Managing Director of Wesfarmers the company’s value increased from $15 billion to approximately $50 billion.
“Richard has been an extraordinary leader at Wesfarmers and is greatly respected and admired in the Australian business community,” Chaney said.
Goyder used his final address to defend Wesfarmers conglomerate model.
“Over the 33 years Wesfarmers has been listed, there have been many who have questioned our conglomerate model, said we should be broken up, and that conglomerates cannot sustain our performance,” Goyder said.
“What they miss is the culture, values and structures inside Wesfarmers which, combined, are pretty unique.”
Goyder’s replacement, Rob Scott, first joined Wesfarmers in 1993 before moving into investment banking in 1996.
Scott re-joined Wesfarmers in 2004 and was appointed Managing Director of the company’s Insurance division in 2007. Other roles he has held within Wesfarmers has included Finance Director of Coles. Managing Director Financial Services and Managing Director of Wesfarmers Industrials division.
“Rob has proven capability to deliver improved business performance and to lead change through building great teams around him,” Chaney said.
“Importantly, he is deeply grounded in Wesfarmers culture and disciplined focus on sustainable shareholder returns.”