Australian retail giant Woolworths has appointed Brad Banducci as its new managing director of food and liquor following the resignation of Tjeerd Jegen.
Jegen, who has previously worked for Tesco Malaysia, Tesco Thailand and Dutch retailer Albert Heijn, announced his departure from Woolworths after four years as managing director, Australian Supermarkets and Petrol, stating that he would be returning to Europe.
Dave Chambers has been announced as director, Woolworths Supermarkets, reporting to Banducci. Chambers steps in the role after four years as managing director of Woolworths New Zealand’s Countdown supermarkets
The news comes as Woolworths has announced its half-year profits dropped 3.1 per cent to A$1.28m compared to the same period last year.
Woolworths CEO Grant O’Brien said that A$500m in cost saving measures had enabled the group to invest in lower prices across its Australian supermarkets, though the re-investments would affect the retailer's full-year profit forecast. Across the Tasman, Woolworths has reported continued growth for it Countdown supermarkets in New Zealand.
Woolworths has downgraded its full-year profit growth forecast from an estimated 4-7 per cent to 1.8-6.6 per cent in its 2015 financial year, citing a re-investment in its supermarkets for the downgrade.
