Michael Chaney
Michael Chaney | |
|---|---|
| Born | Michael Alfred Chaney April 15, 1950 Perth, Western Australia, Australia |
| Occupation | Business executive |
| Years active | 1970s–present |
| Known for | Chairman of Wesfarmers, National Australia Bank, Woodside Petroleum; Chancellor of the University of Western Australia |
Michael Alfred Chaney AO (born 15 April 1950) is a prominent Australian business executive and previously held the position of chancellor at the University of Western Australia.
Early life
Born in Perth on 15 April 1950, Chaney was the third-youngest among seven siblings. His father, Frederick Charles Chaney, served as a minister in the Menzies government and was once Lord Mayor of Perth. Among his brothers are Frederick Michael Chaney, who was deputy leader of the Liberal Party, and John Chaney, a judge on Western Australia’s Supreme Court.
Chaney completed his education at Aquinas College, Perth before attending the University of Western Australia, where he obtained a Bachelor of Science degree in geology in 1972 and later earned an MBA in 1980. In 1992, he enhanced his executive skills by completing Harvard Business School’s Advanced Management Program, a six-week intensive course. The University of Western Australia also awarded him an honorary doctorate.
Career
Beginning his professional journey as a petroleum geologist, Chaney spent eight years in this field, initially working with Burmah Oil on the North West Shelf Venture. Following the 1973 oil crisis, he relocated to Houston, Texas in 1974. Upon returning to Australia, he joined the Australian Industry Development Corporation (AIDC) in 1980, where he established its Perth branch and played a key role in financing significant projects such as the North-West Shelf development and the gas fields operated by Delhi/Santos in the Cooper Basin during the resource expansion of the 1980s.
In 1992, Chaney was appointed managing director of Wesfarmers, having previously held positions as company secretary and chief financial officer. Under his leadership, Wesfarmers acquired Dalgety Farmers Ltd's pastoral division in 1993 and entered into a joint venture with Vietnam’s Petrolimex to develop a liquefied petroleum gas facility—marking Wesfarmers' inaugural major international investment. He also managed the purchase of Bunnings and oversaw the sale of its Landmark rural finance operations. By 2001, Wesfarmers’ market value had increased from $1.1 billion to $10 billion during his tenure, reflecting notable success in managing a diversified conglomerate.
Chaney held the chairmanship at the National Australia Bank from 2005 until 2015 and chaired Woodside Petroleum until 2016. Since 2013, he has been serving as chairman of Wesfarmers. His directorship at BHP spanned from 1995 to 2005, and he was part of the JPMorgan Chase International Council between 2004 and 2015. His governance roles also included serving as Director of the Centre for Independent Studies and acting as Chancellor of the University of Western Australia from 2005 through 2017.
Honours
On 14 June 2004, Chaney was designated an Officer of the Order of Australia in recognition of his pioneering leadership in business alongside his significant contributions to cultural, artistic, and scientific institutions.