Woolworths chief executive Grant O’Brien to retire

 In Australia, NewZealand, Woolworths
Woolworths’s three-year strategy to reinvigorate profit growth is in doubt after the architect of the strategy, chief executive Grant O’Brien, fell on his sword following a deterioration in sales over the past few months.
The supermarket giant on Wednesday said it had launched a global search for a new chief executive after Mr O’Brien, 53, told chairman Ralph Waters on Tuesday evening he intended to retire after less than four years in the job.
Woolworths’s shares rose 0.9 per cent to $27.08 at 10.12 am AEST.
Mr O’Brien, who joined Woolworths 28 years ago as a part-time shelf stacker while studying accountancy, will remain in the role until a suitable replacement can be found, possibly until November. He will stay an employee of Woolworths until he turns 55 in July next year so he can take up his entitlements under the company’s defined benefits superannuation scheme.  Sydney Morning Herald – Read more…

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