Woodside mourns loss of founding chairman

Woodside Petroleum chief executive Peter Coleman and chairman Michael Chaney have paid tribute to company founder Geoff Donaldson, who passed away last week aged 99.

Mr Donaldson underwrote Woodside’s first share issue in 1954, and became chairman in 1956.

Mr Coleman said Mr Donaldson would be remembered as an Australian business legend.

“Geoff was a true pioneer of the industry in Australia and without his personal drive and perseverance Woodside would not have become the company it is today,” Mr Coleman said in a statement.

Mr Chaney said Mr Donaldson was truly the father of Woodside, and was regularly called on to keep the company afloat in its early years.

“He enabled the company maintain its position in a capital intensive industry in spite of its initial small size and the vagaries of the stock market,” Mr Chaney said.

Mr Donaldson retired in 1984.