Rob Scott will be the next Wesfarmers managing director, replacing Richard Goyder who will step down towards the end of 2017 after more than 12 years in the role.
Mr Scott becomes the Group’s Deputy CEO, effective immediately, and will join the board as managing director at the conclusion of Wesfarmers’ 2017 annual general meeting in November. He will maintain his current role as head of Wesfarmers’ Industrials division until July 1.
Wesfarmers Chairman Michael Chaney said Mr Scott had shown himself to be an outstanding executive, including in key senior roles across the Wesfarmers Group where he demonstrated his leadership and commercial capability.
Mr Scott started with Wesfarmers in Perth in 1993 before moving into investment banking with various roles in corporate finance and mergers and acquisitions in Australia and Asia. He rejoined Wesfarmers in 2004 and worked his way through the positions of managing director of Wesfarmers Insurance Division, finance director of Coles, and managing director of Financial Services before taking up his industrials role.
“Rob has a proven capability to deliver improved business performance and to lead change through building great teams around him,” Mr Chaney said. “Importantly, he is deeply grounded in Wesfarmers’ culture and disciplined focus on sustainable shareholder returns.”
Mr Chaney paid tribute to Mr Goyder’s leadership since he became Managing Director, during which time the company’s value 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,” he said. “I look forward to working with Rob on a seamless transition in the months ahead.”