Mr Eastwood, who has been chairman of Wesfarmers since 2002, said it was an appropriate time for him to retire after six years in the role, as the company proceeds through a significant new era of opportunity and change.

"I have been extremely fortunate to have been Chairman during a time of tremendous growth and transition for the company," Mr Eastwood said.

"Transformation of the group into a truly national enterprise has accelerated, particularly over the past year with the acquisition of the Coles Group.

"As chairman, board member and a former managing director I'm proud to have been involved in these and other major changes that have seen the former co-operative become Australia's biggest private sector employer, with 200,000 employees, and more than 470,000 shareholders."

To ensure a smooth transition to a new chairman, the Wesfarmers board has appointed Dr Bob Every as its deputy chairman, with a view to taking over as chairman after the AGM on November 13.

Dr Every was formerly chief executive and managing director of OneSteel, president of BHP Steel, managing director of Tubemakers of Australia, and a former chairman of Steel & Tube Holdings Ltd in New Zealand.

He is currently chairman of Iluka Resources, on the board of Boral Ltd and a director of Malcolm Sargent Cancer Fund for Children in Australia Limited, also known as Redkite.