Outgoing Wesfarmers managing director Richard Goyder will replace Michael Chaney as Woodside Petroleum chairman next year.Woodside says Goyder will join as chairman-elect on August 1 this year and replace Chaney when he steps down at the 2018 annual general meeting.

“Richard has demonstrated his focus on delivering value for shareholders and commitment to excellence throughout his extensive business career,” Chaney said in a statement.

Goyder will also join Woodside’s board as an independent, non-executive director.

“Richard will bring a skill set that complements existing expertise and will take over as chairman at an exciting time for the company as we grow our portfolio in Australia and globally,” said Chaney.

Goyder holds a Bachelor of Commerce degree from The University of Western Australia and completed the Advanced Management Program at the Harvard Business School in 1998.

He joined Wesfarmers in 1993 and was appointed managing director and chief executive officer in July 2005. Goyder will step down from that role in November 2017, in what is a changing of the guard at the conglomerate that operates retail chains Bunnings, Coles, Kmart, Target and Officeworks.

Goyder steps down after 12 years in the role, during which time the conglomerate’s value has increased from $15 billion to around $50 billion – including the major acquisition of Coles Group in 2007.

The retail and industrial conglomerate group lifted its half-year profit by 13.2 per cent to $1.5 billion, driven by strong performances by Bunnings, Kmart and Officeworks.

Goyder is also a Commissioner of the Australian Football League Commission and will become chairman on 4 April 2017. He is also a director of Gresham Partners Holdings Limited, the Business Council of Australia and The University of Western Australia Business School Advisory Board.