Coal unit still of value to Wesfarmers
Wednesday, 22 June, 2016 - 10:16
Wesfarmers isn't seeking to offload its coal mine, despite anticipating what could be a $600 million hit from its embattled resources division.
John Durkan was appointed managing director of Coles in July 2014 and retired from the role in September 2018 but remains as a senior advisor to the group. He joined Coles in July 2008 as merchandise director, and was subsequently appointed chief operating officer in June 2013. Mr Durkan worked for 17 years with Safeway Stores in the UK, a large scale food retailer that operates supermarkets, convenience and fuel outlets. Immediately prior to joining Coles, he was chief operating officer for Carphone Warehouse, UK's largest independent mobile phone retailer.
Rank | Company | 1 Yr | 5 Yr |
---|---|---|---|
478th | Carindale Property Trust">Carindale Property Trust | 26.16% | 0.32% |
479th | AGL Energy">AGL Energy | 26.09% | -6.2% |
480th | Coles">Coles | 26.04% | 6.62% |
481st | Evolution Mining">Evolution Mining | 26.03% | 7.71% |
482nd | GTN">GTN | 25.96% | -2.49% |
REMUNERATION UPDATE: Senior Advisor, Coles | 24 Aug 2020 |
Wesfarmers isn't seeking to offload its coal mine, despite anticipating what could be a $600 million hit from its embattled resources division.
Wesfarmers chief executive Richard Goyder has taken a substantial pay cut with a halving in his short-term incentive payments after a year in which his Coles-owning conglomerate took a hefty hit to profits.
Australia's food and grocery prices have to come down further because they are "crazy" compared to the rest of the world, Coles managing director John Durkan says.
SPECIAL REPORT: The new boss at the state’s biggest private sector employer wants to get more women into senior management.
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.
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