Amanda Bardwell has been appointed as the new CEO of Woolworths following the resignation of Brad Banducci.
The supermarket announced on Wednesday morning that South African-born Mr Banducci will retire in September after eight and a half years as CEO and 13 years with the company as a whole.
His successor, Ms Bardwell, has worked at Woolworths Group for 23 years, including as head of marketing, and will start in her new role on September 1.
With her new title, she will earn $2.15 million a year, less than the base salary of Mr. Banducci, who earned $2.6 million.
Ms Bardwell will also receive generous bonus benefits, with the former CEO pocketing $8.65 million in total compensation last year.
Amanda Bardwell has been appointed as the new CEO of Woolworths following the resignation of Brad Banducci
“It has been a privilege to be a member of the Woolies team and one that I have never taken for granted,” Banducci said in announcing his resignation.
“We have an amazingly talented and passionate team at Woolworths Group, personified 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.”
Scott Perkins, chairman of the Woolworths group, said Ms Bardwell is a “proven leader”.
“Amanda is highly respected throughout the organization and I know that, like Brad, I will deliver on our purpose and work hard to realize the full potential of the Woolworths Group,” he said.
The new CEO has a bachelor’s degree in marketing from the University of Technology Queensland and a master’s degree in business administration from UNSW.
Mr Banducci walked out of an interview with ABC Four Corners on Monday as he came under scrutiny over skyrocketing grocery prices
In May 2017, she was promoted to Managing Director of the brand’s digital arm, WooliesX. WooliesX includes the Everyday Rewards program.
She began her career in food retailing in Queensland, where she worked for five years before joining Woolworths Group in 2001.
Mr Perkins also paid tribute to Mr Banducci’s “outstanding leadership and contribution”.
“The test of any CEO is to leave the company in a much better state than when he started,” Perkins said.
“On that simple measure, history will judge Brad as one of the best leaders of the Woolworth group.”
Mr Banducci has been criticized in recent months over Woolworths’ decision not to stock Australia Day merchandise ahead of the holiday.
The move sparked widespread anger, with opposition leader Peter Dutton calling for a boycott of the store.
Mr Banducci walked out of an interview with ABC Four Corners on Monday as he came under scrutiny over skyrocketing grocery prices.
Reporter Angus Grigg told Mr Banducci that Rod Sims, the former head of the Australian Competition and Consumer Commission, had described Australia as having one of the most concentrated supermarket industries in the world.
Mr. Banducci said “that’s not true” and tried to argue that the industry was in fact “an incredibly competitive market.”
He also points out that Mr Sims is ‘retired’.
When Griggs asked the head of Woolworths if he was “questioning” Mr Sims’ integrity, Mr Banducci asked: “Can we get that out?” Is that good?’
Grigg then said: ‘we’re official, you said it… let’s just move on’.
Seconds later, Mr. Banducci said, “I think I’m done, guys,” and walked out of the room.
A surprised Grigg said: ‘You’re walking out? Real?’ when someone came up to him and said, “We’ll take a break.”
Mr. Banducci eventually returned to continue the interview.
More to come
