Wesfarmers, owner of discount department store chains Kmart and Target, has requested shareholder permission to increase its ever-expanding executive board.
The company, established in1914, has confirmed its intention to appoint Paul Bassat as a director of the company, subject to obtaining shareholder approval at its November annual general meeting.
Wesfarmers shareholders will be asked to approve expansion of the board beyond its current limit of 10 members to facilitate the appointment.
Melbourne-based Bassat co-founded Seek in 1997, and has since served as the company's chief executive officer and then as joint chief executive officer from 1997 until 2011.
He is currently also a director of the Peter MacCallum Cancer Foundation, an AFL Commissioner, and on the Advisory Board of the Faculty of Business and Economics at the University of Melbourne.
Commenting on the impending addition of a new member to the board, Wesfarmers chairman Bob Every, said he believes Bassat will make a great contribution to the company.
"Paul brings a track record of innovative leadership and operating success at CEO level and provides us with invaluable knowledge and expertise in online business and e-commerce," he said.
Bassat added that he is looking forward to his involvement with Wesfarmers.
"I have long been an admirer of Wesfarmers and am very aware of their great history and culture as well as their record of value creation and tight fiscal discipline, [so] I am delighted to be invited onto the board,” he said.
"we need a magazine for over 40s in our country,
and labels to match, I know it sounds very strange, But I thin..."
jenny bannister on Is anyone listening?
"Now look here, Im a shareholder, and this shrinkage issue ,alarms me for a start, cant you teach your staff to..."
jenny bannister on Target takes a blow
"I am very excited about this show. We love to see the new as well as the past.
In a modern museum !"
jenny bannister on The new order