Woolworths share price: Brad Banducci is retired, by the way

Until this year, Woolworths used to sell some $2 million of Australia Day merchandise every January. This is a rounding error on a single day’s trading. The price of Peter Dutton spending days bashing the supermarket over a merchandising decision almost certainly beneath the direct notice of its CEO? If not quite priceless, then, many, many multiples of that.

And then, there was Four Corners. Quite aside from the momentary walkout – prompted by Banducci’s anger at refusals to cut out his childish quip at Sims from the final record – experienced public relations operatives watched the program agog, bewildered by how flummoxed both Banducci and Coles’ Leah Weckert seemed.

Neither seemed comfortable while answering the most obvious questions. Even Weckert, who was generally judged the stronger performer, froze for a full six seconds when asked to respond to the claim Coles’ interactions with a supplier were “the definition of price gouging”.

Standard PR advice holds that extended pauses in pre-recorded interviews will not be broadcast, and executives are advised to use that to their advantage to avoid or stymie unpleasant questions. When dealing with Four Corners and vintage Rear Window writer Angus Grigg, who can spare six seconds for effect, that is very bad advice.

And then, there was Banducci. Media trainers are going to have his tantrum on call from now until the end of the decade. What was the man (or his media team) thinking, turning up seemingly tired and in a worker’s uniform to confront a dogged investigative reporter with the assumption outtakes were on offer?!

If there’s a benefit to Woolies shareholders from Banducci’s unexpected exit announcement (and the share price reaction would suggest there isn’t), it’s the fact that it’s utterly distracted from the growing margins in Woolworths’ food division. All major media led on his departure, or, in one case, the $24 million in potential share rights he’s walking away with.

As for Banducci, he’s still in the job until the end of August and does “not intend to go quietly into the night” (to quote his message to staff). Though one would never discount the possibility of his doing an Alan Joyce and leaving early should his upcoming Senate appearance be a total disaster. And hey, on past experience? Who’d bet it wouldn’t be?