Sharechat Logo

Former PM Bill English join Wesfarmers board in life after politics

Tuesday 1st May 2018

Text too small?

Former Prime Minister Bill English has been appointed to the board of ASX-listed conglomerate Wesfarmers, which owns Bunnings Australia and New Zealand, Kmart and Officeworks.


English was minister of finance and deputy prime minister from October 2008 to December 2016, and PM after John Key stepped down in December 2016 until October 2017, when National lost the general election. English retired from Parliament in March.


Wesfarmers' chair Michael Chaney said the board was "extremely pleased" to have English, "given his outstanding record of financial management and government policy development and Wesfarmers' extensive business interests in New Zealand."


"Bill guided the New Zealand economy through the global financial crisis to be one of the faster growing developed economies with sustainable government surpluses," Chaney said in a statement yesterday, adding that English's appointment would strengthen the board's mix of skills, knowledge and experience.


English said he was looking forward to contributing to the board's strategic oversight of the business's portfolio and opportunities to add shareholder value.


In February, Wesfarmers reported a net profit of A$1.58 billion for the six months to Dec. 31, up 13 percent on the year, and operating revenue was A$34.9 billion, up 4.3 percent on the year. It announced an interim dividend of A$1.03 per share, also a 13 percent increase on the year.


Bunnings Australia and New Zealand reported earnings growth of 9.8 percent to A$770 million with revenue growth of 8.3 percent in the first half, while Kmart's earnings rose 16 percent to A$371 million on revenue growth of 8.9 percent. The company said it had begun a strategic review of its Officeworks division which could include an initial public offering.


Wesfarmers' ASX-listed shares last traded at A$43.91, up 0.3 percent today and up 0.7 percent over the past 12 months.



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

MARKET CLOSE: NZ shares dip as global trade jitters weigh on A2, F&P
NZ dollar set for weekly gain after Reserve Bank surprise
Burger Fuel exploring sale after review questions listing merits
New net migration data to remain rubbery for quite some time
NZX to push sales this year after reshaping business dents 2018 profit
Slowing new orders growth weighs on January PMI
New NZ dry dock a basis for new industry - KiwiRail
Wellington Drive beats 2H sales forecast, will meet earnings guidance
NZIQS decides more training is the answer to past president's misconduct
February 15th Morning Report

IRG See IRG research reports