Manufacturing News

Michael Chaney appointed chairman of Wesfarmers

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 known.”

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 Chaney.

“Michael will bring great business experience, wisdom and knowledge of Wesfarmers to the role,” he said.

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