Michael Chaney is returning to Wesfarmers, which he helped transform from a rural cooperative to one of Australia’s biggest public companies, as chairman.
Chaney, who is stepping down from his current role as chair of the NAB, will join the Wesfarmer’s board as chairman-elect from June 1.
He joined Wesfarmers in 1983 and was managing director from 1992 until 2005 when he was succeeded by the current CEO Richard Goyder.
“It is an honour for me to have been invited to chair this outstanding Australian company,” Chaney said. “Over the last 10 years, Wesfarmers has grown enormously and very much retains the strong shareholder focus for which it has been well known.”
Chaney is the son of Sir Fred Chaney, a politician, and the brother of Fred, a former Liberal senator for Western Australia.
He replaces Bob Every who has been on the Wesfarmers board since 2006 and chairman since 2008.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.