Bunnings CEO Mike Schneider to retire amid Wesfarmers profit growth

Bunnings CEO Mike Schneider will retire in February, with current chief customer officer Rachel McVitty appointed as his successor. Schneider, who has led the hardware chain since 2016, is credited by Wesfarmers CEO Rob Scott for driving consistent growth and digital transformation.

In its full-year results, conglomerate Wesfarmers reported a 3.4 per cent increase in group revenue to $47.3 billion, with net profits excluding significant items rising 8.3 per cent to $2.9 billion.

Key divisional performance included Bunnings sales growing 4.1 per cent to $20.4 billion, Kmart sales increasing 2.8 per cent to $11.75 billion, and Officeworks gaining 3.7 per cent to $3.7 billion. Wesfarmers attributed the growth to strategies focused on mitigating cost pressures and providing value through lower prices.