Michael Chaney will take the role of chairman of conglomerate Wesfarmers when Bob Every retires at the company’s next annual general meeting in November.
Although it is expected that he will also be retiring from his role as chair of Woodside Petroleum sometime in 2017, it puts theories of his impending retirement to rest.
Mr Chaney said he was looking forward to rejoining the company.
“It is an honour for me to have been invited to chair this outstanding Australian company,” he said.
“Over the last 10 years, Wesfarmers has grown enormously and very much retains the strong shareholder focus for which it has been well known.”
Wesfarmers shares were 0.8 per cent lower to $43.37 a share at 9:30am.