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United States Woolworths CEO Brad Banducci announces retirement after ABC ...
21 Feb 2024
SBS
Brad Banducci's retirement comes as Woolworths faces allegations of price gouging.
Woolworths CEO Brad Banducci has announced his departure from the supermarket giant.
"Brad Banducci has given notice of his intention to retire and, by agreement with the Board, will leave in September 2024," the company said in a statement to the ASX Wednesday.
Amanda Bardwell has been named as his replacement after "an extensive international search process".
Banducci has been with the Woolworths Group for 13 years, including eight-and-a-half as CEO.
"It's been a privilege to be a part of the Woolies team and one I have never taken for granted," Banducci said in the statement.
Banducci's departure comes after turbulent period
The news comes after a fiery exchange between Banducci and ABC Four Corners reporter Angus Grigg in an interview, during which Banducci walked out after being asked about the lack of competition in the industry. He later returned to finish the taping.
Banducci headed the company during a recent spate of negative attention.
Woolworths faced to stop stocking Australia Day merchandise, which resulted in Opposition leader Peter Dutton calling for a boycott.
The grocery chain has also faced ongoing allegations of price-gouging and unfair dealing with suppliers.
Several to investigate those allegations.
Federal parliamentarians react to Banducci's exit
Australian politicians had a mix of reactions to news of Banducci's departure.
"It's about time," said Nationals leader David Littleproud.
"Once you tear away the very shallow exterior of these CEOs, underneath it is a very deep-seated and very sinister value of the company that he was leading — that was exploiting farmers and consumers."
Prime Minister Anthony Albanese said he wanted "to talk about things other than personalities", and once again stressed the importance of supermarkets offering the lowest prices possible.
Opposition finance spokeswoman Jane Hume said the outgoing CEO's departure was "a decision for Mr Banducci himself," while also highlighting the importance of focusing on the role of supermarkets in the cost-of-living crisis.
Greens senator Nick McKim said: "Farmers, workers and shoppers are going to keep getting smashed regardless of who wears the CEO badge ... It is price gouging, corporate power and market dominance that are the real problems."
