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Ghost of Masters haunts Wesfarmers' British Bunnings push

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It would be tempting to write off the $1.33 billion of impairments announced on Monday morning by Wesfarmers as the standard actions of a new chief executive.

Rob Scott only officially took the helm of the company from Richard Goyder in November, so taking a $953 million impairment on the Bunnings United Kingdom and Ireland (BUKI) venture, and a $306 million impairment on Target, could be seen as the usual clearing of the decks that a new CEO does.

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James Thomson is senior Chanticleer columnist based in Melbourne. He was the Companies editor and editor of BRW Magazine. Connect with James on Twitter. Email James at j.thomson@afr.com
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    Original URL: https://www.afr.com/brand/chanticleer/ghost-of-masters-haunts-wesfarmers-british-bunnings-push-20180204-h0tpoh