Woolworths has begun its global search of a new chief executive following the announcement that Grant O’Brien will retire from his role as CEO and managing director.
The announcement follows a poor performance for the leading Australian retailer in the fourth quarter of the 2015 financial year, which O’Brien described as “disappointing'.
“At the recent Investor Day we set out clear strategies to grow our businesses over the next three years and we have been working hard to execute these plans. However, the recent performance has been disappointing and below expectations.I believe it is in the best interests of the company for new leadership to see these plans to fruition,” O’Brien said in a company statement.
Woolworth's three-year plan includes an investment of A$500m in price cuts for produce, as well as a focus on better customer service and management restructuring.The company has now revealed a further 1,200 support roles will be cut – a marked increase on the 400 job losses announced at the Investor Day.
O’Brien joined Woolworths 28 years ago and was appointed CEO in 2011.
