Woolworths managing director, Brad Banducci, has resigned from the supermarket's top job amid criticism over his handling of difficult questions on price gouging during a Four Corners interview.
News of his departure later this year was released as the company posted a profit rise to $229m for the first half of 2023-24.
Mr Banducci, who was already widely tipped to finish with Woolworths Group later this year, after more than eight years in the role, officially steps down on September 1.
He will be replaced by Amanda Bardwell, who has worked at Woolworths for almost three decades.
In her new role she will have an annual pay package totalling $2.15m.
Mr Banducci's announcement coincided with Woolworths announcing two significant items in its half yearly results which left it officially reporting a $781 million net loss after tax.
However, after excluding the write-downs the Woolworths Group has posted a profit rise to $929m for the half year to December 31 - up from $907m a year ago.
The write-downs mainly related to a $1.5 billion adjustment to the value of Woolworths' New Zealand supermarket business which has had what the company described as "a challenging year" of slowing sales and competitive trading in a high inflation environment.
The company also pruned the value of its shareholding in the Endeavour drinks and pubs business by $209m.
Woolworths Group, which also includes Big W department stores, reported increased earnings before interest and tax of 3.3pc against the same half year period in 2023.
Food sales up
Australian food sales grew 5.4pc to almost $26 billion, with EBIT growth nudging 10pc.
However, across the Tasman, despite a 2.3pc lift in food sales, the NZ food business EBIT slipped 41.7pc to $66.8m ($NZ71m).
Announcing the eventual departure of the company's managing director, Woolworths chairman, Scott Perkins said Mr Banducci's time in the job had provided outstanding leadership, including leading a "remarkable turnaround and transformation of the group".
He said Ms Bardwell, who currently heads the WooliesX e-commerce, online grocery and shopper loyalty business, had been chosen after an extensive international search for a successor to Mr Banducci.
As Woolworths celebrated 100 years of trading in 2024, she was already considered a proven leader and business builder who was well qualified to lead the retailer into its second century.
Mr Banducci said it had been a privilege to be a member of the Woolies team and one he had "never taken for granted".
"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."
Mr Banducci's resignation announcement followed a tough start to the week for him after he took a grilling on ABC Television's Four Corners program, and temporarily walked away from the interview about supermarket pricing tactics.
When asked about former Australian Competition and Consumer Commission chairman, Rod Sims' assessment about Australia having the most concentrated grocery markets in the world, Mr Banducci argued the claim was untrue and noted Professor Sims was now retired.
He then asked to have his comments taken off the record, leaving his interview seat, before later returning to answer more questions.
