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Coles MD To Step Down

Coles MD To Step Down

Coles Managing Director, Ian McLeod to move to a senior role as Group Commercial Director of Wesfarmers Group. 

He will be replaced by John Durkan, Coles Chief Operating Officer. The changes will be effective from 1 July.  
Westfarmers today announced strong half-year earnings to 31 December, including an operating revenue of $31.9 billion, up 4.%, net profit after tax (NPAT) climbed 11% to $1,4 billion. Coles revenue was up 5%.
Officeworks sales for the half year was $745m climbing almost 5% and EBIT rose 10% on same time 2012. 
The retailer recorded improved sales and earnings momentum; store and on-line channels further improved, and there was rapid growth in B2B market. 
Annual online sales for the half exceeded $180 million for Officeworks. 
Wesfarmers Managing Director, Richard Goyder hailed McLeod’s role in the turnaround of Coles supermarket. 
“Ian’s success with the Coles Division, which has more than doubled earnings before interest and tax and helped generate significant shareholder value for the Wesfarmers Group, highlights his credentials as a world class retailer and leader,” 
“By enhancing the customer experience, improving our fresh food offering and on-shelf availability, as well as continued commitment to everyday low prices, the Coles business is unrecognisable from the one we purchased in 2007.” 
McLeod said he was looking forward to his new role. 
“When I started at Coles in 2008, I felt that Australians deserved a better retail experience, with better stores, better standards, better prices and better quality. We have worked incredibly hard to deliver improvements in all of these areas.”