Amanda Bardwell has been appointed as the new chief executive of Woolworths following the resignation of Brad Banducci.
The supermarket announced Wednesday morning that South African-born Banducci will retire in September after eight and a half years as CEO and 13 across the company.
His successor, Ms Bardwell, has worked with Woolworths Group for 23 years, including as marketing director, and will begin her new role on September 1.
His new title will allow him to earn $2.15 million a year, less than Banducci’s base salary, who earned $2.6 million.
Bardwell will also receive generous bonus incentives, with the former CEO pocketing $8.65 million in total compensation last year.
Amanda Bardwell has been appointed new chief executive of Woolworths following the resignation of Brad Banducci
“It has been a privilege to be a member of the Woolies team and I have never taken it for granted,” Banducci said in announcing his resignation.
“We have a wonderfully talented and passionate team at Woolworths Group, embodied in Amanda Bardwell, and I look forward to working with Amanda and our team over the coming months as we prepare for the next chapter.”
Woolworths Group chairman Scott Perkins said Ms Bardwell was a “proven leader”.
“Amanda is highly respected throughout the organization and I know that, like Brad, we will live our purpose and work hard to achieve the full potential of the Woolworths Group,” he said.
The new chief executive has a bachelor’s degree in marketing from the Queensland University of Technology and a master’s degree in business administration from UNSW.
Banducci walked out of an ABC Four Corners interview on Monday when he came under scrutiny over sky-high grocery prices.
She was promoted to CEO of the brand’s digital arm, WooliesX, in May 2017. WooliesX includes the Everyday Rewards programme.
He began his career in the food retail industry in Queensland, where he worked for five years before joining Woolworths Group in 2001.
Mr Perkins also paid tribute to Mr Banducci’s “exceptional leadership and contribution”.
“The test of any CEO is to leave the business in a much better condition than when he started,” Mr Perkins said.
“By that simple metric, history will judge that Brad was one of the Woolworth group’s greatest leaders.”
Banducci had been criticized in recent months for Woolworths’ decision not to stock Australia Day products ahead of the holiday.
The move sparked widespread fury, with opposition leader Peter Dutton calling for a boycott of the store.
Banducci walked out of an ABC Four Corners interview on Monday when he came under scrutiny over skyrocketing grocery prices.
Journalist Angus Grigg told Banducci that Rod Sims, former head of the Australian Competition and Consumer Commission, had described Australia as one of the most concentrated supermarket industries in the world.
Banducci said “that’s not true” and attempted to argue that the industry was, in fact, “an incredibly competitive market.”
He also noted that Mr. Sims is “retired.”
When Mr Griggs asked the Woolworths boss if he was “impugning” Mr Sims’ integrity, Mr Banducci asked: “Can we get that out of the way?” That’s ok?’
Grigg then said: “We’re on the record, you’ve said it…let’s move on.”
Seconds later, Mr. Banducci said, “I think I’m done, guys,” and left the room.
An astonished Grigg said: ‘Are you leaving? Actually?’ when someone approached him and said, “We’ll have a break for a second.”
Mr. Banducci eventually returned to continue the interview.
More to come