Woolworths Group chief executive Brad Banducci will step down in September, the company has announced.
In a statement published to the ASX on Wednesday, Woolworths Group said Mr Banducci had given notice of his intention to retire after 13 years with the company, and eight and a half years as chief executive.
Amanda Bardwell, who has worked for Woolworths Group for 23 years, including as head of marketing, will serve as managing director and group CEO from September 1.
Woolworths Group Chair Scott Perkins described Ms Bardwell as a “proven leader, business builder and modern retailer”.
She will receive a $2.15 million pay package in the new role, which includes superannuation.
Mr Banducci’s resignation comes after a tumultuous start to the year for the group, with furore over its decision to stop selling Australia Day merchandise and a looming ACCC inquiry into pricing practices of Australia’s supermarkets.
The CEO faced backlash on Tuesday after storming out of a Four Corners interview, which aired on Monday night.
During the interview, he was asked if Australia had the most concentrated supermarket industry in the world.
Mr Banducci denied the claim, prompting ABC reporter Angus Grigg to double down on the statement.
“Sorry, I can’t accept that. Rod Sims, the former head of the Australian Competition and Consumer Commission (ACCC) says that we have one of the most concentrated supermarket (sectors) in the world, is he lying?”
Mr Banducci rejected the claim again before pointing out that Sims is retired.
“I don’t think you would impugn his integrity and his understanding of competition law. . . He retired 18 months ago,” Grigg hit back.
After realising what he had just said, Mr Banducci asked the reporter if the comment could be removed from the interview.
“Can we take that out? Is that OK?” he asks Grigg before looking to producers for an answer.
“I shouldn’t have said that about Rod, about him being retired . . . I mean, he is retired, but I shouldn’t have said that.”
Mr Banducci becomes noticeably agitated after Grigg tells him the interview is on the record and tries to move on with the discussion.
He said his time as a member of the Woolies team had been “a privilege, and one I have never taken for granted”.
Mr Perkins thanked Mr Banducci for his “outstanding leadership and contribution” and said he will remembered as one of the supermarkets “finest leaders”.
“Brad has lead a remarkable turnaround and transformation of the Group,” he said.“The test of any CEO is to leave the business in much better shape than when they started.
“On that simple metric, history will judge Brad to have been one of Woolworth’s finest leaders.”
Prime minister Anthony Albanese avoided commenting on the departing boss directly, instead reiterating his thoughts on the inquiry into supermarket prices.
“I want to talk about things other than personalities and what’s very clear is that customers should get the lowest prices possible,” he told reporters on Wednesday.
“We need to make sure that competition is appropriate and that’s why we’ve set up reviews including by the ACCC and also the senate inquiry.”