Woolworths appoints portfolio director

The appointment of Colin Storrie will give Brad Banducci more time to bash ailing units into shape.

The appointment comes as Mr Banducci is fashioning a new operational model for Woolworths.

Woolworths has appointed the former Qantas and AMP chief financial officer Colin Storrie as its new group director for its portfolio division, which houses Big W, hotels operator ALH and data analytics firm Quantium, giving the key non-supermarket assets more leadership muscle as chief executive Brad Banducci strives to resuscitate earnings.

The new role for Mr Storrie, who joined Woolworths last year as its deputy chief financial officer, comes as Mr Banducci is fashioning a new operational model for Woolworths that gives greater autonomy for its other businesses that take in hotels, pubs, general merchandise and data.

However, the bosses of these key units, such as Sally Macdonald at Big W, will retain their autonomy under the new structure, with Mr Storrie reportedly only overseeing the three businesses that sit inside the portfolio division.

Woolworths owns 50 per cent of Quantium and 75 per cent of ALH.

Mr Storrie also recently joined the board of Woolworths loss-making hardware joint venture Masters.

The new role for Mr Storrie leaves Mr Banducci more time to bash the ailing and flagship supermarkets unit back into shape. Although Mr Banducci was appointed the CEO of Woolworths in February, elevated from his role as the boss of the supermarkets division, his old position still remains unfilled with Mr Banducci also running the food business for now.

It is believed Woolworths is still considering the future structure for Woolworths’ food business, which generates more than 90 per cent of earnings, and for now will allow Mr Banducci to still run the group.

Earlier this week Woolworths unveiled another $1 billion in writedowns and impairments to its businesses, including massive writedowns against Big W and further costs linked to the transformation of its supermarkets.