Olympic medallist Rob Scott has beaten all comers to secure the top job at Wesfarmers after a steady rise through the field.
The 47-year-old, who won a silver medal in rowing at the 1996 Atlanta Games, was on Tuesday named deputy chief executive and successor to long-serving managing director and chief executive Richard Goyder.
Mr Goyder will call time on his 12-year stint at the top at November's annual general meeting.
Mr Scott's ascension comes just over a year since he was made managing director of Wesfarmers' industrials division, which operates the group's coal mines, chemicals, fertilisers and energy businesses.
Analysts say Mr Scott was a surprising choice when other potential internal candidates, including former Bunnings boss John Gillam, had greater retail experience.
Mr Gillam unexpectedly stepped down into a consulting role late last year.
The other possibility was chief financial officer Terry Bowen but Wesfarmers chairman Michael Chaney said neither Mr Bowen nor Mr Gillam threw their hats into the ring.
"Terry Bowen advised us late last year that he didn't wish to be considered" Mr Chaney said.
"John Gillam had advised us a little bit earlier that he didn't want to be considered for the position and that he wanted to be moved to two days a week primarily working on the UK (Bunnings expansion)."
Mr Chaney said Mr Scott, who will continue to lead the industrials division until July 1, has a proven record of improving business performance.
Mr Scott first worked at the company in 1993 before moving into investment banking.
In 1996 at the Atlanta Olympic Games, he and David Weightman rowed for Australia in the men's coxless pairs, coming second to Great Britain.
He returned to Wesfarmers in 2004, working as managing director of the insurance division and finance director of Coles.
Mr Chaney said Mr Scott's experience meant he was better equipped than any outside candidate.
Nonetheless, Forager Funds senior equities analyst Daniel Mueller said Mr Scott was not an obvious choice given his lack of retail experience.
"Wesfarmers is a retailer first, with the resources having shrunk to a minority of the group: I would have thought someone with a bigger retail background would have been chosen," Mr Mueller said.
"Coles' sales are slowing - they are still trying to get Target right, Bunnings UK is a big project - you would think they would have chosen someone who has been dealing with those issues."
Mr Scott acknowledged he has "big shoes to fill" when he becomes only the eighth person to lead the 103-year-old company.
Mr Chaney described the 57-year-old Mr Goyder as an extraordinary leader, saying Wesfarmers' value had increased from $15 billion to around $50 billion during his reign.
Mr Goyder, who joined the company in 1993 and became managing director in July 2005, said the decision to retire was a difficult one.
An Australian Football League commissioner since 2011, he declined to say what his next steps will be amid speculation he will replace Mike Fitzpatrick as AFL chairman.
Wesfarmers shares closed down 20 cents, or 0.47 per cent, at $42.13.
Share
