Amanda Bardwell to replace Brad Banducci as Woolworths CEO

The woman set to replace Woolworths boss Brad Banducci has been revealed, along with her surprising new salary as CEO.

The next CEO of Woolworths has been announced after Brad Banducci stepped down from the top job following a trainwreck interview with ABC’s Four Corners, allegations of price gouging and controversy over the retailer’s decision to drop Australia Day merchandise.

Amanda Bardwell has been appointed as Woolworths Managing Director and Group CEO, with her role to commence on September 1.

Ms Bardwell was appointed to the role following an “extensive international search process”, which Woolworths Group Chair, Scott Perkins said was supported by external consultants.

“We are thrilled to announce the appointment of Amanda as the incoming and 13th Managing Director and Group CEO of Woolworths Group, as the Group starts its next century of creating better experiences together for a better tomorrow,” Mr Perkins said in a statement.

Amanda Bardwell has been announced as the new CEO of Woolworths.

While news.com.au has not confirmed Ms Bardwell’s exact compensation package, Mr Banducci was paid $7.56 million last year.

Reports indicate the new CEO’s base salary will be $2.15 million, combined with generous bonus incentives.

Mr Banducci’s pay was even higher in 2022, at $8.37m, but money was knocked off remuneration after his short term bonuses were impacted by the discovery that there was nearly $600 million in underpayments across Woolworths’ payroll going back years.

In 2017, Ms Bardwell was appointed as the Managing Director of WooliesX, which includes Woolworths Digital and Media, B2C eCommerce and Everyday Rewards.

She started her career in Queensland working for a food retail franchise for five years before joining Woolworths Limited in 2001.

“During my time at Woolworths I have worked in both the Supermarket and Liquor divisions and held various positions in both General Management and specialist senior executive roles across omnichannel-retailing, e-commerce, marketing, buying, private label, and business development,” her LinkedIn profile states.

Ms Bardwell has an MBA from University of New South Wales and a Bachelor of Business from the University of Technology Queensland and is a member of Chief Executive Women.

Brad Banducci is stepping down as the Woolworths boss. Picture: Supplied,

Mr Banducci’s retirement was announced in a statement to the ASX on Wednesday morning, with the former boss saying it has been a “privilege” to be a member of the Woolworths team and one he has “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,” he said in a statement.

A spokesman for Woolworths said Mr Banducci’s retirement announcement was not connected in any way to the recent Four Corners interview.

In a statement, Mr Perkins said the timeline of Mr Banducci’s retirement was “completely unaffected by the external events of the last couple of weeks”.

“Leadership development against an agreed chief executive profile for the future – that’s been a feature of our succession planning since I’ve been Chair and even predating my appointment,” he said.

“So in the last couple of years it’s been a real point of focus and there’s been an ongoing dialogue with Brad as to when was the best time for him and the best time for Woolworths for that succession to be really activated.”

Mr Banducci has “has given notice of his intention to retire and, by agreement with the board, will leave in September 2024, Woolworths Group’s 100th year”, the ASX announcement said.

“Brad will retire after 13 years with Woolworths Group, and eight and a half years as Group CEO.
On Monday night’s Four Corners, Mr Banducci walked out of an interview while being grilled over allegations of price gouging and the lack of competition in the Australian supermarket sector.

Both Coles and Woolworths have denied engaging in price gouging.

Brad Banducci’s interview with Four Corners. Picture: Four Corners/ABC

Reporter Angus Grigg asked a question about former Australian Competition and Consumer Commission (ACCC) boss Rod Sims, noting he said we have “one of the most concentrated supermarket [sectors] in the world”.

“It’s not true. Retired, by the way,” Mr Banducci said.

He later asked Grigg to remove his comments but walked out of the shot after the reporter declined, with Mr Banducci saying, “Yeah, no, I think I’m done, guys.”

“You know, I do this with good intent. I don’t do this with bad intent,” he said, though he later returned to finish the interview.

Mr Banducci was also grilled last month over Woolworths’ decision not to sell Australia Day merchandise due to a lack of sales.

After the backlash, Woolworths issued a full-page advertisement insisting the supermarket giant was not anti-Australia Day, with Mr Banducci saying the retailer was not “trying to ‘cancel’ Australia Day”.