Board change at Wesfarmers

Wayne Osborn has retired from the board of Wesfarmers and will be replaced by former Alcoa of Australia managing director Alan Cransberg.

Mr Cransberg worked for Alcoa for 36 years, assuming the role of managing director of its Australian business and president global refining before retiring in 2016.

He was a founding director of what is now known as human rights organisation Our Watch and a founding member of CEOs for Gender Equity.

Mr Cransberg now serves as chair of the Wirrpanda Foundation and is a trustee of the SAS Resources Fund.

Wesfarmers chair Michael Chaney said Mr Cransberg would bring valuable experience and insights to the board from his work at Alcoa and passion for projects to improve gender equity.

Mr Osborn, who also previously served as Alcoa of Australia managing director, will retire as a non-executive director by rotation after the company’s annual general meeting on October 21 2021 and will not seek re-election.

Mr Chaney said Mr Osborn had brought a wealth of knowledge from his experience working in the resources and energy sectors to the board.

“His keen focus on all aspects of business and his proficiency across key areas of safety, remuneration, capital allocation have helped shape the direction of Wesfarmers during his eleven-year tenure with the board,” Mr Chaney told the ASX.

Wesfarmers released its results today and announced its annual profit had lifted by 16 per cent and it planned to return more than $2 billion to shareholders after a strong year.

Shares in Wesfarmers were down 2.4 per cent to $62.42 each at 12:00 AWST.