Michael Chaney has been appointed chairman of Wesfarmers,
the company he successfully managed from 1992 to 2005.
AAP reports that Chaney will join the Wesfarmers board as a
non-executive director in June, and then take the role of chairman from current
chairman Bob Every in November.
Chaney (pictured) left his position as Managing Director of the conglomerate
in 2005, when he was succeeded by Richard Goyder who is still in that role.
Chaney is currently Chairman of both Woodside and the
National Australia Bank, but has announced he will step down from the NAB
position at the company’s Annual General Meeting in December this year.
“It is an honour for me to have been invited to chair this
outstanding Australian company,” Chaney said in a statement.
“Over the last 10 years, Wesfarmers has grown enormously and
very much retains the strong shareholder focus for which it has been well
According to the SMH, during Chaney’s time as Wesfarmers
Managing Director, the company’s market capitalisation increased from $1b to
$13b and its share price jumped from about $6 to over $40.
Goyder said the company is looking forward to the return of
“Michael will bring
great business experience, wisdom and knowledge of Wesfarmers to the role,” he