Wesfarmers chairman announces last term

Wesfarmers chairman Robert Every has said he will step down from the board after his next term of three years if re-elected at next month’s AGM.

In a statement yesterday, Dr Every said the company would look both internally and externally to fill the position, and his key focus for his final term would be working with other board members to find a successor.

The company also said there had been a pattern of this advance warning of retirement from the board within the company.

“Orderly succession has been the Wesfarmers tradition,” Dr Every said in the statement.

He joined the board in 2006 and became the company’s 10th chairman when he succeeded Trevor Eastwood in 2008.

He is also chairman of building materials giant Boral and previously held the chairmanship at Iluka Resources.

Dr Every is also a director of the Harry Perkins Institute of Medical Research and UNSW Foundation.

He will seek re-election for a final term at Wesfarmers’ AGM to be held in Perth on November 20.

Meanwhile, Dr Every announced today he would not stand for re-election as Boral's chairman in 2016.

"Succession planning has always been a key focus at Boral, and in my final term I will be working with the board on an orderly process to identify the best possible candidate as successor," he said.

Dr Every joined the Boral board in 2007 and became the company's chairman in 2010.