Woolies boss quits amid price hike inquiry

Woolworths Group chief executive and managing director Brad Banducci will leave the supermarket giant in September after more than eight years in the role.

Mr Banducci joined Woolworths 13 years ago and has been the group’s chief executive for eight and a half years.

Woolworths Group today released a statement to the market, announcing Mr Banducci’s retirement in September 2024 and the appointment of Amanda Bardwell as his replacement.

“It has been a privilege to be a member of the Woolies team and one I have never taken for granted,” Mr Banducci said.

“We have a wonderfully talented and passionate team at Woolworths Group, as personified in Amanda Bardwell, and I look forward to working with Amanda and our team over the next few months as we set ourselves up for the next chapter.”

The announcement comes days after ABC’s Four Corners segment on Woolworths and Coles was aired, with Mr Banducci’s walkout from his interview covered by multiple media outlets.

Woolworths and Coles have been in the spotlight, with their respective chief executives appearing before the Senate for the inquiry on supermarket prices.

In December, the senate established a committee for an inquiry into the market power of the two major supermarket chains, including large price increases for essential items and price setting practices.

However, Woolworths Group chair Scott Perkins said Mr Banducci had led a turnaround and transformation of the business.

“Most importantly, he has built a team of amazing calibre,” he said.

“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 thirteenth managing director and group CEO of Woolworths Group, as the group starts its next century of creating better experiences together for a better tomorrow.”

Ms Bardwell will start her new role on September 1, after the release of Woolworths’ 2024 financial year results.

The Senate committee is expected to present a final report of the inquiry by May 7.

Woolworths shares have taken a 6.79 per cent dive following the announcement, trading at $33.44 a share at 2.51pm AEDT.