SYDNEY (AFP): The CEO of Australia’s largest supermarket chain announced Wednesday that he will step down from the post and retire, after what local media described as a “car crash” interview over high food prices.
Woolworths executive Brad Banducci said he would resign this September after eight years at the helm of the chain.
Australia’s biggest food retailers are under fierce pressure from customers who are angry at high food prices and accuse the chains of price gouging and holding a virtual duopoly.
An investigation by Australian public broadcaster ABC found the Coles and Woolworths chains now control 65 percent of the grocery market and ALDI controls just 10 percent.
Banducci granted an interview to ABC to justify bumper profit margins and the company’s dominant market position.
The profits were “fair in the context of the investment that goes into the business every year and the performance of our team”, he said.
But then the interview went slightly off the rails.
Banducci attacked a recently retired head of Australia’s consumer watchdog agency and walked out of the interview when the reporter refused to cut his comments.
Banducci returned to the interview after conferring with staff, but the ill-tempered walkout was branded a “car crash” by Australian media.
Woolworths Group Chair Scott Perkins on Wednesday thanked Banducci for his “outstanding leadership and contribution” to the company.
Banducci is set to be replaced as CEO by Amanda Bardwell, who has more than 20 years experience at the company.
