Masters boss Matt Tyson walks away from Woolworths’ home improvement disaster

YOU can’t blame departing Masters boss Matt Tyson. After two years running Woolworths’ disastrous home improvement arm, the executive has called it quits.

General, generic photo of the Masters hardwarre store at Portsmith. The troubled Woolworths hardware franchise is looking to sell the warehouse-sized building. PICTURE: BRENDAN RADKE

IT WAS only a matter of time.

Masters boss Matt Tyson has fallen on his sword, leaving the beleaguered home improvement business in the hands of his general manager of finance, David Walker.

Mr Tyson this afternoon announced plans to return to the United Kingdom by the end of February.

The executive, who has run Woolworths’ home improvement division for the past two years, will assist the company as a consultant in the sale or shelving of the loss-making Masters and Home Timber and Hardware chains.

The failed Bunnings rival has been bleeding cash since its creation in 2009, as a joint venture of Woolworths and Lowe’s.

It has now racked up losses of almost $1 billion, dragging down the overall profitability of the Woolworths group.

Matt Tyson has quit after two years running beleaguered hardware chain Masters.

Woolworths is yet to reveal who will replace outgoing chief executive Grant O’Brien, who announced his retirement last year amid criticism of his stewardship of the company — particularly its disastrous home improvement venture.

The company has delayed the announcement of its half yearly results, expected to coincide with news of the appointment of a successor.

Woolworths and Lowes have poured $3.5 billion in Masters, which was not expected to break even until 2020.

Both companies are reportedly firing up for a legal dispute over Masters’ final valuation and exit price.

Woolworths must pay out Lowes in order to sell the business.