Ian McLeod has stepped down from his position as managing director of supermarket giant Coles.
Wesfarmers has announced that McLeod will take up a senior role within the wider Wesfarmers group with his position replaced by John Durkan, Coles' current chief operating officer. Durkan will share the role with a British executive who has been brought in to assist during the retailer’s ‘second phase of transformation’, The Sydney Morning Herald reports.
Richard Goyder, MD of Wesfarmers said that McLeod will take up the position of group commercial director within Wesfarmers.
"Ian's success with the Coles division, which has more than doubled earnings before interest and tax and helped generate significant shareholder value for the Wesfarmers Group, highlights his credentials as a world class retailer and leader," said Goyder.
"By enhancing the customer experience, improving our fresh food offering and on-shelf availability, as well as continued commitment to everyday low prices, the Coles business is unrecognisable from the one we purchased in 2007."
McLeod said that he enjoyed his time leading the retailer and is looking forward to his new role within the wider Wesfarmers group.
"When I started at Coles in 2008, I felt that Australians deserved a better retail experience, with better stores, better standards, better prices and better quality. We have worked incredibly hard to deliver improvements in all of these areas and have been rewarded with four million additional customers visiting our stores each week," McLeod said.
Goyder said Durkan’s extensive experience will made him a natural successor for the managing director role.
"Succession has been a major focus of the team at Coles over the past few years," Goyder said.
"I am extremely pleased that John Durkan, who has been part of Ian's leadership team, will become Coles managing director and continue the Coles turnaround through the second phase of transformation."
"John has proved his enormous value to the group over the past six years and we are fortunate to have an executive of his experience and proven track record ready to step in to this pivotal role."