Chaney returns to Wesfarmers as new Chair

Posted by AFN Staff Writers on 11th May 2015
Chaney returns to Wesfarmers as new Chair
Chaney returns to Wesfarmers as new Chair

Wesfarmers, the ASX-listed copy that owns the Coles supermarket group, has announced the appointment of Michael Chaney as its next Chairman.

Previously Wesfarmers Managing Director between 1992 through to 2005, Mr Chaney has been warmly welcomed back after helping boost the company upwards.

Mr Chaney will join the Wesfarmers Board as Chairman-elect on June 1 this year, he will then officially take over from current Chairman Dr Bob Every at Wesfarmer’s Annual General Meeting in November.

Since leaving Wesfarmers in 2005 Mr Chaney has gone onto serve as Chairman at both Woodside and the National Australian Bank. Mr Chaney has however announced that he will be stepping down from his position with NAB at their Annual General Meeting in December this year.

Continuing transform to come

Prior to leaving Wesfarmers Mr Chaney helped the company grow to a record net profit of 1.05 billion in 2006.

The changeover of chair is expected to mark a point of transformation for the business which is considered one of Australia’s largest public companies, Managing Director Richard Goyder joined the Wesfarmers board in 2002 and is predicted to retire within coming years.

Goyder has stated that Wesfamers is looking forward to working with current Chairman Dr Every until the official appointment of Mr Chaney in November.