Chaney back home at Wesfarmers
UPDATE 3.05pm: Michael Chaney will become Wesfarmers' next chairman, returning to the company he ran as chief executive for 13 years until handing over to Richard Goyder in 2005.
Wesfarmers made the announcement this morning.
Mr Chaney will join the Wesfarmers board as a non-executive director and chairman-elect on June 1 before taking over from Bob Every following the company's annual meeting in November.
It marks the second time a former Wesfarmers chief executive has also been chairman.
Mr Chaney's predecessor as chief executive, Trevor Eastwood, returned as chairman before handing over the post to Bob Every.
Like Mr Eastwood, Mr Chaney had a substantial break between being Wesfarmers' chief executive and taking over as chairman.
Mr Chaney indicated last week he would quit his chairmanship of National Australia Bank late this year while he has also flagged he is on his final three-year term as chairman of Woodside Petroleum.
"When I was apolinted chairman of Wesfarmers, I declared my main objective was to be custodian of the culture," Dr Every said.
"Who better then to succeed me than Michael, who played such a vital role in establishing that culture.
"Michael has had an outstanding career as a CEO and chairman and brings that experience and his expertise to the company as it moves into its next phase."
Mr Chaney will become just the 11th chairman in Wesfarmers' 101-year history.
The incoming chairman said he was honoured "to have been invited to chair this outstanding company".
Mr Goyder, whose reign as chief executive is marked by the transformational acquisition of the Coles group, said he looked forward to Mr Chaney joining the board.
"Michael will bring great business experience, wisdom and knowledge of Wesfarmers to the role," Mr Goyder said.
Wesfarmers shares closed off 39 cents at $43.35.
