Perth-based conglomerate Wesfarmers has sold its stake in the Bengalla coal mine in NSW, continuing a major reshaping of its portfolio after the sale last year of another coal mine and the planned spin-off of its Coles business.
Wesfarmers has announced it anticipates the demerger of Coles to be completed by the end of November, after the company's annual general meeting, and will seek to retain a 15 per cent stake of the business.
Wesfarmers has sold its struggling Homebase business for a nominal sum, with managing director Rob Scott confirming the UK hardware company has cost the conglomerate about $1.3 billion.
Wesfarmers has announced two leadership changes today, with Officeworks chief executive Mark Ward set to step down at the end of the year, while former New Zealand prime minister Bill English has been appointed to the board of the Perth-based conglomerate.
Coles' food and liquor sales rose in the third quarter, with parent company Wesfarmers citing lower prices and improved service and quality for customers.
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Investors have welcomed today's news that Wesfarmers plans to spin-off supermarket giant Coles and create a separately listed business that would rank among the 30 biggest on the Australian stock market.
International investors are rotating their funds into commodities such as industrial metals, which could be good news for WA, and Kalgoorlie in particular.
Wesfarmers' first-half profit has plummeted 86 per cent to $212 million on the back of more than $1.3 billion in impairments against its UK hardware business and Target department stores.
Wesfarmers is overhauling the leadership at its underperforming UK hardware business after the struggling unit was responsible for the majority of $1.3 billion in first-half writedowns and impairments.
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The UWA Business School board has continued to attract the state's corporate leaders, with Shell Australia's new chairman Zoe Yujnovich and incoming Wesfarmers boss Rob Scott the latest new faces.
A lengthy leadership transition provided Richard Goyder with the ideal preparation for his role as Wesfarmers' boss in 2005, the outgoing managing director told today's Business News Success & Leadership breakfast.
Finance director Terry Bowen will become the third top Wesfarmers executive to retire from the Perth-based conglomerate in the space of 12 months, with the group announcing three senior appointments along with details of incoming managing director Rob Scott's remuneration package.
Incoming Wesfarmers managing director Rob Scott, who will formally take his new job late this year, says the business will continue to thrive on the back of its diversity across markets.
Wesfarmers managing director Richard Goyder will step down this year after more than 12 years in charge of the company to be replaced by his deputy, Rob Scott.
Tom O'Leary has resigned as head of Wesfarmers' chemicals, energy and fertilisers division to take the top job at mineral sands miner Iluka Resources, following in the footsteps of his predecessor David Robb.
Wesfarmers will make about 300 national roles redundant, 45 of which are in Western Australia, as part of a restructuring of its industrial and safety division.
Wesfarmers has promoted Rob Scott to managing director of a new industrials division created through the combination of its three non-retail operations.
