Brad Banducci is Woolworth’s new CEO. The Australian supermarket chain has announced his appointment right after having posted a net first-half loss of AUS$972.7 million, following a $3.25 billion loss from its Masters stores, which failed to compete with Bunnings.
According to Gordon Cairns, chairman of Woolworth, Banducci was the strongest candidate to rebuild the business.
“I want us to take our company back to its best levels of performance,” said Banducci. “My goal as CEO will be to recapture the spirit of innovation and customer focus right across the business, and to grow a culture where our people once again feel a strong ownership of the business.”
Banducci will retain his former role as managing director of Woolworths Food Group until a replacement is found; in the meantime, his appointment as CEO takes effect immediately.
WOOLWORTHS ANNOUNCED LOSS AND NEW CEO
