Feb 16, 2018

Wesfarmers under scrutiny for Homebase debacle

"There is a real danger that theproblems with Homebase makethe Wesfarmers board gun-shy about doing anything offshore," says Jason Beddow, managing director of Argo Investments, a Wesfarmers shareholder. John Sevior, executive director at Airlie Funds Management, a Wesfarmers investor, describes the Homebase purchase as a "Disaster" and says the board must take full responsibility for the due diligence. Former managing director - Richard Goyder left Wesfarmers in November, shortly before the extent of the Homebase difficulties became known. Former Bunnings chief executive - John Gillam was a key leader on the Homebase acquisition and a candidate to replace Mr Goyder as Wesfarmers managing director. Adviser - Archie Norman, the veteran retailer, warned Wesfarmers about the risks of the Homebase acquisition and was subsequently appointed to the advisory board of Bunnings UK and Ireland.

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