14/02/2017 - 06:58

Goyder to step down as Wesfarmers boss

14/02/2017 - 06:58

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Wesfarmers managing director Richard Goyder will step down this year after more than 12 years in charge of the company to be replaced by his deputy, Rob Scott.

Goyder to step down as Wesfarmers boss
Richard Goyder will retire as the head of Wesfarmers at the end of the year.

Wesfarmers managing director Richard Goyder will step down this year after more than 12 years in charge of the company, with this morning's announcement confirming months of speculation that he will be replaced by his deputy, Rob Scott.

Mr Scott has become the group’s deputy chief executive and will join the board as managing director at the end of the company’s 2017 AGM in November.

He will maintain his current role as head of Wesfarmers’ Industrials division until  July.

Mr Scott is one of several candidates within Wesfarmers that would have been considered well suited to succeed Mr Goyder, with long-serving finance director Terry Bowen and former Bunnings chief executive John Gillam considered top contender.

However, Mr Gillam retired from the executive role at Bunnings late last year.

Wesfarmers chairman Michael Chaney paid tribute to Mr Goyder’s leadership, during which time the company’s value has increased from $15 billion to around $50 billion and which included the transformative acquisition of the Coles Group in 2007.

“Richard has been an extraordinary leader at Wesfarmers and is a highly respected and admired leader of the Australian business community,” Mr Chaney said.

“His huge contribution to Wesfarmers has been complemented by the time and passion he has given to other roles in the wider community, including as chairman of the B20 in 2014.”

Mr Goyder said his decision to retire at the end of this year had not been easy.

“I continue to enjoy the challenges of leading this outstanding and diverse company and appreciate the opportunities it has given me. I look forward to working with Rob on a seamless transition in the months ahead,” he said.

Mr Chaney said Mr Scott had shown himself to be an outstanding executive, including in key senior roles across the Wesfarmers group.

Mr Scott started with Wesfarmers in Perth in 1993 before moving into investment banking where he had various roles in corporate finance and mergers and acquisitions in Australia and Asia.

He rejoined Wesfarmers in Business Development in 2004 before being appointed managing director of the Wesfarmers Insurance Division in 2007 and then finance director of Coles in February 2013.

He was appointed managing director financial services in October 2014.

In August 2015, Mr Scott was appointed managing director of the new Wesfarmers Industrials division, which brought together the group’s three industrial businesses: Resources; Chemicals, Energy and Fertilisers; and Industrial and Safety.

 

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