SYDNEY, Feb. 21 (Xinhua) -- Australia's major supermarket chain Woolworths on Wednesday confirmed that Brad Banducci, managing director and chief executive officer (CEO) of the group, would step down from the top role in September.
Banducci would retire after spending 13 years with Woolworths Group, including eight and a half years as CEO, with Amanda Bardwell named as his replacement and to take office on Sept. 1, following the release of the group's 2024 financial year results.
"It has been a privilege to be a member of the Woolies team and one I have never taken for granted," said Banducci.
"We have a wonderfully talented and passionate team at Woolworths Group, as personified in Amanda Bardwell, and I look forward to working with Amanda and our team over the next few months as we set ourselves up for the next chapter," he added.
The news came in the wake of a televised interview, during which Banducci walked out of the set after being grilled about the "too much concentration" in the supermarket sector.
According to the Australian Broadcasting Corporation, Australia has a "highly concentrated" supermarket sector, where Coles and Woolworths dominate 65 percent of the grocery market.
In January, the Australian Consumer and Competition Commission (ACCC) launched a year-long inquiry to explore how competition has changed since its last survey in 2008.
"Our inquiry will examine the nature of the current competitive environment between supermarkets, as well as the barriers to greater competition and new entry in the sector," said ACCC Deputy Chair Mick Keogh. ■
