Woolworths loves a banker on its board.
The country’s biggest retailer revealed on Thursday that has appointed Phil Chronican, chair of the National Australian Bank to its board after the retirement of longstanding board member Michael Ullmer who was also a former banker.
The supermarket giant told investors that Mr Ullmer would step down from his role as non-executive director at this year’s annual meeting after nine years of service on the company’s board.
Woolies chair Gordon Cairns thanked Mr Ullmer for his what he called “sage advice” during his tenure on the board. Mr Ulmer is former chief financial officer of the Commonwealth Bank and then the NAB where he was deputy CEO. He is also chair of Lendlease.
Mr Chronican was a senior executive at Westpac and then at the ANZ, before being named chair of the NAB in 2019 (He was interim CEO of the bank in the wake of boardroom losses after the Hayne Royal Commission).
“I’d like to thank Michael Ullmer for his invaluable contribution during a period of significant transformation and growth for Woolworths Group. Michael has been a source of wisdom and sage advice for the Board, the executive team and for me personally,” Mr Cairns said in Thursday’s statement.
“I am delighted that the Board was able to find an experienced and outstanding candidate in Philip (Chronican), following the conclusion of a thorough and externally-supported search process,” Mr Cairns said.
