The company said it would appointed Richard Goyder to the position of deputy managing director with the view to taking the reigns on Chaney’s retirement. He will also continue as chief financial officer until that time.

David Robb, managing director of Wesfarmers Energy Limited, will also join the Wesfarmers board as an executive director at its meeting in July this year.

“Richard Goyder has demonstrated during his 11 years with Wesfarmers, both in corporate roles and as managing director of the rural services business unit, that he is well equipped to take over leadership of the company,” said company chairman Trevor Eastwood.

“The Board will benefit from the business skills David Robb has displayed in running the Energy division and the appointment will enable him to make a broader contribution to the Group”.

The company announced an increased net profit for the nine months to 31 March of $719.7 million, boosted by the August sale of the rural services business (Landmark) which yielded a $ 304.3 million profit.

However the market was disappointed that the profit had slipped from 26% at the half year mark to 18% after nine months. Profit was $478.5 million compared to $405.8 in the previous corresponding period.

However, profit from the group’s energy sector declined with pre-tax and interest earnings down 16% to $168.1 million, down from $200.7 in the previous corresponding period, due mainly to lower exporting prices for coking coal, higher exchange rates and coal inventory movements.

Wesfarmers shares have tumbled from a high of $29.90 last week to be trading at $27.80 today.

LPG export volumes were also below last year’s with earnings impacted by lower international gas export prices and higher exchange rates. Overall the gas activities for the group recorded earnings above budget but lower than last year’s.