Woolworths Appoints New CEO Amidst Half Year Profit Loss

Woolworths Limited announced the appointment of a new CEO today amidst the group’s half year financial results, which revealed profit loss of 33.1 per cent. The new CEO is Brad Banducci, current Managing Director of Woolworths Food Group, and will take over the position from Grant O’Brien with immediate effect.

Banducci has spent the last 12 months leading the turnaround of Woolworths’ supermarkets business and will now help to rebuild the Woolworths business.

“While we have made progress, it will be a three to five year journey and there is much to do”, Chairman Gordon Cairns said.

“When I joined the Board as Chairman in September last year I said the most pressing issue was to appoint a new CEO.

“The Board undertook a rigorous international search process to find the best person to rebuild Woolworths and return it to sustainable growth. Brad has had 25 years in retail, including 15 years consulting to some of the world’s leading retailers. He has successful private equity experience with Cellarmasters. Brad has been at Woolworths for five years during which time he led Dan Murphy’s to become one of Australia’s great retailers.”

Today the group also reported EBIT decline in the half year ended 3 January of 31.7 per cent across liquor, food and petrol.

The more positive of the three however, Woolworths’ liquor business showed signs of improved sales performance in the period.

“Liquor continued to perform strongly and gain market share with all formats (Dan Murphy’s, BWS and Online). Monthly sales in our retail liquor businesses exceeded $1 billion for the first time in December”, Banducci said.

“Looking forward, we expect trading conditions to remain competitive as we continue on the journey of rebuilding Woolworths.”

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