Coles MD to stay on

Wesfarmers has extended Coles managing director Ian McLeod’s employment contract.

Initially, McLeod was employed on a five year fixed-term contract to lead the turnaround of Coles after it was acquired by Wesfarmers.

But now Wesfarmers and McLeod have reached an agreement covering the terms and conditions of his future employment.

“Ian and his team have achieved outstanding results over the past four years, delivering at Coles a sustained period of industry out-performance in both sales and profit growth,” said Wesfarmers Managing Director Richard Goyder.

"As we are now reaching the final stage of that arrangement, we are pleased that Ian wishes to remain leading Coles beyond that period.

"After June 2013, Ian will move to a new employment contract consistent with other senior executives within the Wesfarmers Group, which includes a six month notice period."