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Brad Banducci has been CEO for eight years
Woolworths boss Brad Banducci has introduced his resignation, amid scrutiny over alleged price-gouging ways utilized by the Australian grocery store big.
The stress on the chief intensified this week after what has broadly been described as a disastrous interview.
Mr Banducci walked out on a reporter after bristling over the road of questioning.
Australia has one of many world’s most concentrated grocery markets.
Woolworths – the nation’s largest retailer – and its rival Coles management 65% of the market, and each have been dealing with intense criticism over their enterprise fashions because the nation battles a cost-of-living disaster.
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In an announcement to the Australian Stock Exchange (ASX) on Wednesday, Woolworths Group introduced Mr Banducci would retire in September.
The 59-year-old has spent 13 years on the firm, eight of them on the helm.
“History will judge Brad to have been one of [the firm’s] finest leaders,” board chair Scott Perkins mentioned.
He might be succeeded by the corporate’s head of e-commerce Amanda Bardwell.
Woolworths Group owns an array of enterprise throughout Australia and New Zealand, together with low cost division retailer Big W, liquor chain BWS, and the New Zealand grocery chain Countdown.
In the ASX assertion, the corporate additionally introduced an enormous half 12 months revenue of A$929m (£482; $608m), partially because of rising margins on its meals companies.
However, general the agency recorded a lack of A$781m as a consequence of write-downs within the worth of two of its companies.
It comes because the grocery store chain faces a number of parliamentary inquiries and one other investigation from the nation’s competitors watchdog over pricing practices.
On Monday night time, the Australian Broadcasting Corporation aired an investigation which accused each Coles and Woolworths of price-gouging and unfair dealings with suppliers and farmers.
Four Corners reporter Angus Grigg spoke to insiders, specialists, and the bosses of each supermarkets, and mentioned Mr Banducci’s response was “startling”.
“That was a pretty basic line of questioning… and the fact that he bristled so badly when pushed on whether or not there was adequate competition in Australia tells you they’re not really used to having much scrutiny.”
