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Wesfarmers CEO To Step Down As Coles Falls Behind

Wesfarmers CEO Richard Goyder is set to step down from his role as the company’s CEO and managing director, with the industrial division’s Rob Scott set to take his place.

Scott is understood to be assuming the role of deputy CEO immediately before taking the reins as managing director come the company’s next AGM in November.

“I look forward to working with Rob on a seamless transition in the months ahead,” Goyder said in a statement.

Chairman Michael Chaney told the Sydney Morning Herald that Scott had shown himself to be an “outstanding executive and had demonstrated his leadership and commercial capability”.

His appointment continued Wesfarmers’ “unbroken tradition of appointing its chief executives from within the group”.

During his tenure, which included the acquisition of the Coles group in 2007, Wesfarmers’ value has increased from $15 billion to about $50 billion.

Goyder led the Wesfarmers conglomerate for more than 12 years, orchestrating its acquisition of Coles in 2007 and growing the company’s value from $15 to $50 billion.

Richard Goyder has been softening investor expectations ahead of the release of Coles’ latest interim results, with rival Woolworths expected to overtake the supermarket in like-for-like growth for the first time in thirty consecutive quarters.

 

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