Richard Goyder's Time as CEO

Would love to hear from any long time Wesfarmers shareholders how they feel about Goyder leaving. Not many Executives in this country have received as much positive press and been more feted than this bloke, however there is a strong argument he's been a disaster for WES shareholders.

Prior to the Coles purchase the Equity he was managing on behalf of you all was earning plus 20% returns, yet since 2007 it has been as low as 5.4%, only rising to 11.5% this year. The price of your shares back then were circa $40, and they are trading at that now, after the dilution of the capital raising where you were all asked to chip in more money.

Some might argue he was a victim of the GFC, however he diced with debt....BIG debt, and was forced to put his hand out to shareholders to get out of the shit when circumstances changed. The point here is, that taking on enormous debt carries great risk. He failed to manage that risk. Potential bad luck has to be factored in, and it clearly wasn't.

They have done a good job operationally with Coles, but the PRIMARY job of a CEO is capital management on behalf of your shareholders, is it not, rather than operations? If that's your forte then remain the COO. Goyder has failed miserably at capital management by virtue of that one transaction, the purchase of Coles for a price that was FAR MORE than it was worth. He resigned your capital to anemic growth right then and there.

Anyway, that's my view. Would be interested in hearing what some longtime shareholders have to say.

Cheers