Managing director Michael Chaney has set a timeline for his departure from Wesfarmers saying shareholders should expect him to step aside in mid-2005, but that the decision would not be final until a suitable successor was ready to take control.
One of the country's most admired executives, Chaney has had an instrumental hand in turning Wesfarmers into Western Australia's largest company and one of the biggest in the country.
At the start of his tenure as company chief executive in 1992 Wesfarmers had a market capitalisation of about $1.1 billion and a net profit of $63 million.
The company's market cap now stands at almost $10 billion and analysts expect a net profit of about $484 million for past financial year.
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