Chaney urges caution on AI as he prepares to leave Wesfarmers chair

Michael Chaney is preparing to leave his role as Wesfarmers chairman after the company’s annual meeting, and headlines about his remarks say he urged caution on artificial intelligence.

The Sydney Morning Herald’s account describes his comments on Wesfarmers’ direction and history; the headlines from twaslnews1.twaslnews.com, Brisbane Times and The Age characterize his AI position as caution amid talk of transformation. Chaney said Wesfarmers would not be guided by a fixed picture of what the company should become over the next decade.

He said its future would depend on opportunities, rather than a predetermined plan. In the Sydney Morning Herald’s account, he said neither he nor chief executive Rob Scott would predict what the business would look like in 10 years. The account also records Chaney raising a cost concern: he said token costs could get out of control.

The headlines frame his remarks as an argument for caution about AI, but the article excerpt does not specify particular AI projects or company decisions. The caution is therefore reported as a broad position, alongside his concrete reference to token costs.

Chaney put Wesfarmers’ financial record in historical terms, saying it had outperformed every other company financially during the 42 years since listing on the exchange. He linked that record to what he described as a very good corporate reputation, which he said the company had preserved through its culture.

Those are Chaney’s assessments of the company’s performance and culture. He also referred to Wesfarmers’ mission of providing a “satisfactory return to shareholders.” The Sydney Morning Herald’s account connects that objective with a company able to change direction as opportunities arise, rather than one tied to a fixed long-term identity.

The comments place the company’s adaptability and its stated shareholder-return mission alongside Chaney’s discussion of its culture and results. Chaney’s departure is tied in the account to the annual meeting, after which he is preparing to step down as chair.

The West Australian headline separately says the outgoing chair revealed a Wesfarmers deal that got away, but supplies no details about that deal. The account gives no further information about the transition or the deal; the immediate documented next milestone is the annual meeting.