Amanda Bardwell replaces Brad Banducci as new Woolworths CEO on multi-million salary package

The new CEO will pocket an eye-watering multimillion dollar salary as she prepares for a tumultuous term at the helm of Woolworths Group.

Woolworths announced Amanda Bardwell as its new CEO, replacing Brad Banducci who stood down on Wednesday.

Mr Banducci, who reportedly pocketed a whopping annual salary of more than $7m in his tenure, leaves the supermarket in a cloud of controversy after almost nine years at the helm.

He led the company to record profits but an upcoming Senate inquiry will test whether Woolworths has engaged in price gouging practices, and consumer sentiment about the legendary brand has plummeted as cost-of-living pressures bite at the checkout.

Ms Bardwell will now navigate the ASX-listed $43bn giant through from September on a reported $2.15m pay packet.

She is an internal pick, having spent 23 years with the company, and nearly 30 years in retail.

“Amanda is a proven leader, business builder and modern retailer,” the Woolworths board said in an ASX statement on Wednesday morning.

“Most recently, under her leadership, WooliesX has gone from infancy in 2015 to a $7bn market leading business.

“Amanda is highly respected throughout the organisation.”

Amanda Bardwell is the new CEO of Woolworths Group.

Ms Bardwell holds a Bachelor in business and marketing from the Queensland University of Technology and a Masters of Business Administration from the University of NSW.

“Amanda brings a deep understanding of traditional and modern retail, has delivered multiple transformations, and has led and helped to build two of Woolworth Group’s most successful growth businesses in eCommerce and Loyalty,” the board said.

“Amanda also has extensive experience in the food business including head of marketing for Woolworths supermarkets.”

Her tenure begins on September 1 this year.

Mr Banducci’s resignation comes just days after a trainwreck interview with the ABC, in which he belittled former Australian Competition and Consumer Commission head Rod Sims, who has alleged anti-competitive practices in Australia’s supermarket sector.

Mr Banducci briefly walked out of the interview after asking the ABC to cut out his sharp remarks about Mr Sims, but returned to complete the interview.

Ms Bardwell’s ascension comes on a day of mixed half-year financial results for the business, with a 4.4 per cent bump in revenues to $34.6bn, but a net profit loss of $781m following a writedown in its New Zealand division.

Originally published as Amanda Bardwell replaces Brad Banducci as new Woolworths CEO on multi-million salary package