Brad Banducci, CEO of Woolworths, has unexpectedly resigned after almost nine years leading Australia’s largest supermarket chain.
- Woolworths is facing political pressure and multiple inquiries over its expanding profits while consumers struggle with rising grocery prices.
- The company reported increased profits in its Australian supermarkets business, with profit margins reaching 6.1% and sales value rising to $25.9 billion.
- The profitability of major supermarkets has raised concerns about potential price gouging and their market dominance.
- Banducci will step down in September and be succeeded by Amanda Bardwell, the head of WooliesX digital division.
- Woolworths is under scrutiny from a Senate inquiry and the Australian Competition and Consumer Commission regarding pricing practices and relationships with suppliers.
- Despite the controversy, Woolworths credited its profit margin expansion to leveraging advanced analytics and reducing unprofitable promotions.