The long-serving chief of hardware behemoth Bunnings, John Gillam, is stepping aside after 12 years in the job.
In a statement to the ASX on Wednesday morning, Wesfarmers, the conglomerate which owns Bunnings, said Mr Gillam would continue to act in an advisory role to the company.
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Target drags down Wesfarmers earnings
Business reporter Pat Hatch takes us through another rough earnings season for Australia's largest employer, Wesfarmers.
Wesfarmers managing director Richard Goyder paid tribute to Mr Gillam's success at the company in various roles at Bunnings and also as chairman of Officeworks.
"In every role he has been outstanding and left and indelible and positive legacy," Mr Goyder said.
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"Bunnings is now a national institution."
Mr Goyder said Mr Gillam had been a "massive contributor".
Bunnings has grown particularly quickly over the past five years and has become integral to Wesfarmers' overall profitability alongside the Coles supermarkets.
As part of a structural reshuffle, Bunnings Australia and New Zealand managing director Mick Schneider and Bunnings United Kingdom and Ireland managing director Peter Davis will now report directly to Mr Goyder.
Mr Gillam will stay on as chairman of the Bunnings Group Council which the company set up at the time of its Homebase acquisition in the United Kingdom. The council oversees Bunnings activities around the world.
Mr Goyder said the company had spent months bedding down a new management structure at Bunnings which had now been in place for almost a year.
Mr Gillam said it had been an "absolute privilege" to have been part of the Wesfarmers group for almost 20 years.
"I firmly believe that now is the right time to pass on the leadership baton," he said.
"Mike and PJ have been outstanding leaders in helping drive the growth and success of Bunnings and are well-placed to take the business forward."
Mr Gillam said that he also intended to "pursue other interests" as well as his advisory role.
More to come