Woolworths CEO Brad Banducci to step down in September

ABC NEWS (Australia)

The CEO of Woolworths is stepping down from the supermarket giant in September after nine years in the top job. News today of his departure came as the company posted a massive half year loss but that's because of some big one-off write downs underlying profits are actually stronger.

Transcript

00:00 The board today, the chairman and everybody and Brad Banducci himself has said that it

00:07 had absolutely nothing to do with the events of Monday night, the Four Corners disastrous

00:11 interview where he insulted in many ways the former head of the ACCC and then stood up

00:16 and departed the interview midway through.

00:20 But it's difficult not to equate those two events.

00:23 I think it's important to realise though that that interview actually took place several

00:27 weeks ago.

00:28 It was broadcast Monday night, it took place several weeks ago.

00:31 So the board has had plenty of time to reflect on this.

00:34 It's not a knee jerk reaction of what's happened today.

00:37 And they have conducted some kind of a search for a replacement.

00:41 They said they did a global search, but in the tradition, I guess, of Woolworths, they

00:45 found somebody internal.

00:47 They found somebody just down the corridor, Amanda Bardwell, who runs the up and coming

00:52 division, which is the online grocery division.

00:55 So it's really hard not to equate the interview and the departure on the same day.

01:01 The share prices off around about 8% this morning.

01:04 So this has come as a bolt out of the blue for investors.

01:07 [BLANK_AUDIO]

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