In September of this year, Woolworths Group Managing Director and CEO Brad Banducci will retire after 13 years with the company, including eight and a half years as Group CEO. His retirement comes after the release of the Group’s 2024 financial year results, at which point he will be replaced by Amanda Bardwell. This decision follows a contentious interview with the Australian Broadcasting Corporation (ABC) on the topic of price gouging.
During the interview, Banducci denied allegations of price gouging and walked out after a heated exchange with ABC reporter Angus Grigg. His swift exit followed an on-air dispute about the integrity of Rod Sims, former head of the Australian Competition and Consumer Commission (ACCC), in which Banducci questioned Sims’ statements. After returning to finish the interview, Banducci admitted that he “shouldn’t have said that.”
Woolworths, along with rival Coles, control approximately 65 percent of the supermarket market in Australia. Both have received criticism over their business models following a cost-of-living crisis driven by government policy. Amidst this tense situation, Banducci’s leadership is being celebrated by Scott Perkins, Chair of Woolworths Group, who hailed his “remarkable turnaround and transformation” of the company.
Following Banducci’s departure, Amanda Bardwell, who currently leads WooliesX, will take over as CEO. She has been credited with building the digital and eCommerce capabilities of the company and has almost 30 years of experience in retail, 23 of which have been spent at Woolworths. As the news of Banducci’s retirement broke, the company also revealed a substantial overall loss of $781 million due to write-downs in the value of two of its businesses. However, overall profits were up by 2.5 percent, thanks to a jump in revenue.
Banducci’s retirement package includes share options that could be worth as much as $24 million, along with various other remuneration packages. His total remuneration in 2023 was $8.6 million, and he may receive another $6.5 million in payments until he retires.