Woolworth CEO retires on the eve of announcing a $781 million loss and a horrible interview on the ABC.
In the world of PR and communications timing is everything but for Woolworths their timing has gone from bad to worst to horrendous. After the whole Australia Day controversy which could have been avoided, to the train wreck of an interview on ABC’s Four corners program and now the CEO retires after posting a $781 million loss, due to two major write-downs, if timing is everything how on earth did Woolworths get it so wrong.
In an official statement “Woolworths Group advises that Managing Director and Group CEO of Woolworths Group, Brad Banducci, has given notice of his intention to retire and, by agreement with the Board, will leave in September 2024, Woolworths Group’s 100th year. Brad will retire after 13 years with Woolworths Group, and eight and a half years as Group CEO.
The Woolworths Group Board also announces the appointment of Amanda Bardwell as Managing Director and Group CEO, to commence on 1 September 2024, following the release of the Group’s 2024 financial year results.
“Woolworths Group has been fortunate to have Brad as its leader and he has indeed helped us to be better together. The test of any CEO is to leave the business in much better shape than when they started. On that simple metric, history will judge Brad to have been one of Woolworths Group’s finest leaders.
“Following an extensive international search process supported by external consultants, we are thrilled to announce the appointment of Amanda as the incoming and 13th managing director and Group CEO of Woolworths Group, as the Group starts its next century of creating better experiences together for a better tomorrow.”
On Monday night’s Four Corners, Mr Banducci walked out of an interview while being grilled over allegations of price gouging, the lack of competition in the Australian supermarket sector and after a question about former Australian Competition and Consumer Commission (ACCC) boss Rod Sims, but later returned and finished the interview.
Mr Banducci posted on LinkedIn that his announcement isn’t because he is tired or burnt out, or worried about the various upcoming price inquiries but because a leader should go before they need to.
The timing of this announcement apparently had nothing to do with the recent dramas at Woolworths it has been in the works for several months but many on social media are questioning the timing of this with the upcoming investigating into price gauging, recent losses and a call to break up the big two supermarket giants that maybe the new CEO appointment might be another example of “The Glass Cliff”.
