Long-time Woolworths staffer Amanda Bardwell has been appointed the new CEO of the supermarket giant following the resignation of Brad Banducci.
The supermarket announced on Wednesday morning that South African-born Mr Banducci will retire in September after eight-and-half years as chief executive and 13 with the company as a whole.
His successor, Ms Bardwell, has worked with Woolworths Group for 23 years, including as head of marketing, and will begin her new role on September 1.
Her new title will see her rake in $2.15million a year, less than the base salary of Mr Banducci who was on $2.6million.
Ms Bardwell will also receive generous bonus incentives, with the former CEO pocketing $8.65million in total remuneration last year.
Amanda Bardwell has been appointed the new CEO of Woolworths following the resignation of Brad Banducci
‘It has been a privilege to be a member of the Woolies team and one I have never taken for granted,’ Mr Banducci said upon announcing his resignation.
‘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.’
Woolworths Group Chair Scott Perkins said Ms Bardwell is a ‘proven leader’.
‘Amanda is highly respected throughout the organisation and I know, like Brad, will live our purpose and work hard to achieve Woolworths Group’s full potential,’ he said.
The new CEO has a Bachelor’s degree in marketing from the University of Technology Queensland along with a Master’s in business administration from UNSW.
Mr Banducci walked out of an ABC Four Corners interview on Monday when he was scrutinised over sky-rocketing grocery prices
She was promoted to the Managing Director of the brand’s digital arm, WooliesX, in May, 2017. WooliesX includes the Everyday Rewards program.
She began her career in the food retail industry in Queensland where she worked for five years before joining Woolworths Group in 2001.
Mr Perkins also paid tribute to Mr Banducci’s ‘outstanding leadership and contribution’.
‘The test of any CEO is to leave the business in much better shape than when they started,’ Mr Perkins said.
‘On that simple metric, history will judge Brad to have been one of Woolworths Group’s finest leaders.’
Mr Banducci had in recent months been criticised over Woolworths’ decision not to stock Australia Day merchandise ahead of the public holiday.
Ms Bardwell’s new title will see her rake $2.15million a year, less than the base salary of Mr Banducci who was on $2.6million
The move provoked widespread fury, with Opposition Leader Peter Dutton calling for a boycott of the store.
Mr Banducci walked out of an ABC Four Corners interview on Monday when he was scrutinised over sky-rocketing grocery prices.
Reporter Angus Grigg put it to Mr Banducci that Rod Sims, the former head of the Australian Competition and Consumer Commission, had described Australia as having of the most concentrated supermarket industries in the world.
Mr Banducci said ‘that’s not true’ and attempted to argue that the industry was in fact ‘an incredibly competitive market’.
He also pointed out that Mr Sims is ‘retired’.
When Griggs asked the Woolworths head if he was ‘impugning’ Mr Sims’ integrity, Mr Banducci asked: ‘Can we take that out? Is that OK?’
Grigg then said ‘we’re on the record, you’ve said it… let’s just move on’.
Seconds later, Mr Banducci said ‘I think I’m done guys,’ and walked out of the room.
An astonished Grigg said: ‘You’re walking out? Really?’ as someone came up to him and said ‘We’ll just have a break for a sec.’
Mr Banducci eventually returned to continue the interview.
More to come
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