By Andy Young

Wesfarmers Limited has announced that Michael Chaney AO, will replace Dr Bob Every AO as its chairman following this year's Annual General Meeting in November.

Chaney was the managing director of Wesfarmers from 1992 until 2005 and he will join the company's board as chairman-elect from 1 June this year. He is currently the chairman of both Woodside and National Australia Bank, but will step down from the NAB position at the company's Annual General Meeting in December.

Chaney said: "It is an honour for me to have been invited to chair this outstanding Australian company.

"Over the last 10 years, Wesfarmers has grown enormously and very much retains the strong shareholder focus for which it has been well known."

Dr Every, who joined the Wesfarmers Board in 2006 and became chairman in 2008, said he was delighted Michael had agreed to join the Board and succeed him as chairman.

"When I was appointed 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."

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The Shout Team

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