Former Wesfarmers Insurance MD Rob Scott has been promoted to lead a new industrials division that combines the conglomerate’s chemicals, energy, resources and industrial safety businesses.

Mr Scott has been with Wesfarmers since 2004 and has been MD of its financial services division since last November, including oversight of Coles Financial Services.

The industrials business consolidation cuts from seven to five the number of divisions reporting to CEO Richard Goyder.

Wesfarmers says the move streamlines management and better positions the group for future growth.

Another former insurance division MD, Anthony Gianotti, has been appointed Finance Director of the new industrials division.