Key points
- Woolworths CEO Brad Banducci is stepping down from the leadership of the grocery giant.
- Banducci has been with the company for almost 13 years, eight-and-a-half of those as CEO.
- His resignation comes as Woolworths faces pressure over their pricing strategies amid a cost-of-living crisis.
Woolworths CEO Brad Banducci has announced he is stepping down as head of the grocery giant following a tense interview with ABC's Four Corners.
Banducci, who has been with the company for almost 13 years, spent eight-and-a-half of them as CEO.
"It is with much emotion that I share with you my decision to retire at the end of August 2024 … not because I am tired or burnt out … am worried about the various upcoming price inquiries … but because I think a leader should go before they need to," the post reads.
"I do not intend to go quietly into the night."
Banducci will be replaced by Amanda Bardwell, who will become the company's first female CEO.
From South Africa to Sydney
Banducci's LinkedIn page tells the story of his journey from South Africa to Australia, followed by consistent appointments to executive positions.
He attended the University of KwaZulu-Natal, receiving a Bachelor of Commerce, Economics and Accounting and a Bachelor of Law, Tax and Company Law.
In 1988, he moved to Australia where he continued his education.
He received a Master of Business Administration, Economics, Finance and Corporate Strategy after studying at the UNSW Business School, graduating in 1991.
This marks the beginning of Banducci's litany of high-flying corporate jobs.
Freshly graduated, he served as vice president and director of the Boston Consulting Group (BCG), responsible for Australia, New Zealand and the wider Asia Pacific — a position held for 14 years, according to his LinkedIn.
Shorter stints followed as chief financial officer at Tyro Payments for just over a year and non-executive director for three years.
He then served as CEO for The Cellarmasters Group for four years before switching to Woolworths, where he started as managing director of the Woolworths Liquor Group for three-and-a-half years.
From there he stepped into the dual roles of managing director of the Woolworths Food Group and CEO of the Woolworths Group, a position he has held for almost nine years.
Banducci retained close ties with his former employer BCG, choosing to bring them in for a strategic review in 2016, and he has been in the consultancy group's articles.
Record profits and public pressure
Banducci has helmed Woolworths through .
In October 2023, Woolworths recorded multi-billion-dollar profits in their first quarter sales revenue, with $12.96 billion in food retail sales, up 6.1 per cent.
In updated numbers released Wednesday, Woolworths Group’s profits results showed a loss of $781 million, accredited to difficulties in its operations in New Zealand and value reductions in their stake of Endeavour, which owns BWS and Dan Murphy’s.
Despite the loss, Woolworths posted a $929 million net profit after tax for the six months to December 31, up 2.5 per cent from a year ago, when sales were up 4.4 per cent.
Those premium profits come as the company has been facing ongoing allegations of price gouging and unfair practices of suppliers — claims Woolworths will face in .
Banducci, who will formally leave his post in September, is expected to attend on behalf of Woolworths.
Woolworths has also faced public and political pressure on their pricing as Australians struggle with a cost-of-living crisis, and backlash over their decision to stop selling Australian Day merchandise, which led to some calling for a boycott.
Banducci's exit came after an interview with ABC's Four Corners, where questioning by reporter Angus Grigg on the lack of competition in the industry prompted him to walk out, returning later to finish taping.
Chairman Scott Perkins said the timing of Banducci's departure was not influenced at all by recent controversies, praising him as one of the company's "finest leaders" in his 13-year career there.
Speaking at its investor briefing Wednesday morning, Perkins said the company had always planned to announce Banducci's resignation today, and that they had been looking for his successor since mid-2023.
Banducci, speaking at the same briefing, said he considered delaying the announcement but that "wouldn’t have been authentic".
"I tell you, I haven’t managed to dodge every bullet. I do believe in the circle of life," he said.
His replacement, Bardwell, has been with the company for more than 20 years and currently serves as the managing director of WooliesX, the online arm of the grocery chain.
—- With additional reporting by AAP
