Brad Banducci, the CEO of supermarket giant Woolworths Group, has announced his retirement, following intense scrutiny in the media.
His successor will be Amanda Bardwell, the Managing Director of Woolworths’ e-commerce branch WooliesX.
Woolworths Group made the announcement in a statement to the ASX on Wednesday, with Banducci’s retirement coming into effect in September 2024.
“It has been a privilege to be a member of the Woolies team and one I have never taken for granted,” Banducci said in the statement.
“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.”
Banducci has worked for Woolworths Group for 13 years and has headed the organisation for eight and a half years.
A recent ABC Four Corners’ investigation, aired on Monday night, sparked significant backlash over the CEO’s handling of the organisation.
Footage from the report showing the Woolworths’ CEO walking out part way through the interview with ABC journalist Angus Grigg has gone viral.
Grigg told Banducci of former head of Australian Competition and Consumer Commission (ACCC) Rod Sims’ comments regarding the concentration of Australia’s supermarket sector. Banducci said it wasn’t true, later saying Sims has “retired”.
“I don’t think you would impune his integrity and his understanding of his competition law… he retired 18 months ago,” Griggs put to Banducci.
Banducci then asked for the comment to be “taken out” of the report, stating he “shouldn’t have said that”. He then stood up, intending to finish the interview there.
Banducci later returned to the set and continued with the rest of the interview.
The ABC’s Four Corners investigation found Australia has one of the least competitive supermarket sectors in the world. While countries including the UK and the US have at least five major supermarkets, Australia has only two: Coles and Woolworths.
The two Aussie supermarket giants control 65 per cent of the market, while ALDI controls just 10 per cent. That means for every $10 Australians pay for groceries, $6.50 of that is spent at Coles and Woolworths.
Other major problems with Australia’s supermarket sector was uncovered by the Four Corners report, including tactics with specials and discounts, price matching and more.
Sims, the former head of the ACCC, told the ABC: “There’s no doubt we are paying higher prices than we should.”
Who is Amanda Bardwell?
Replacing Brad Banducci in September this year is Amanda Bardwell, the current managing director of WooliesX.
Bardwell has been with the Woolworths Group for 23 years, starting her work in supermarket and drinks businesses in 2001.
Throughout her career in Woolworths, she has held several general management positions and specialist senior executive roles.
Bardwell attained a Bachelors degree in Business at the University of Technology Queensland, as well as an MBA at UNSW. She is also a member of the organisation Chief Executive Women.
Woolworths Group chair Scott Perkins said Bardwell’s appointment comes from an “extensive international search process”. He said he is excited for her leadership come September 2024, Woolworths’ 100th anniversary.
“Following an extensive international search process supported by external consultants, we are thrilled to announce the appointment of Amanda as the incoming and 13th managing director and Group CEO of Woolworths Group, as the group starts its next century of creating better experiences together for a better tomorrow,” Perkins said.