Online executive Penny Winn believed to be leaving Woolworths

Online may be the way of the future when it comes to retailing but not for key Woolies exec Penny Winn, who is believed to be packing her shopping bag and walking out the door at Bella Vista for good.

Winn, who joined Woolies boss Grant O’Brien from Myer at the end of 2011, is the under-pressure retailer’s online guru, fronting last week alongside her boss at the group’s investor day to hammer home the power of Woolworth’s online strategy.

It is believed the well-regarded Winn, who is on the Woolies executive board, is starting a new career as a non-executive director.

When Winn left Myer, chair Bill Wavish described her as one of his most accomplished executives, so her plan to quit Woolies could be a major blow to the under-pressure O’Brien.

A Woolies spokesperson said “nothing has been announced”, but did say there was “a lot of change” unfolding.

Nice little nest egg

While some Woolies execs can’t wait to get out the door, boss O’Brien should superglue himself to the big chair if he wants to take full advantage of the generous defined benefits scheme in which he is enrolled.

While he’s likely to miss out on his long-term performance bonus this year (Margin Call, yesterday), O’Brien is part of a charmed circle of Woolies employees still in the old-fashioned retirement scheme, which is now closed off.

When O’Brien retires he’s guaranteed an income based on what he earned as head grocer, which last year was $5.3 million.

It’s not clear when he’ll become eligible for the scheme but if it has an early retirement provision it could be as early as next year, when he turns 55.

Woolies CEO alumni Michael Luscombe and Roger Corbett are also believed to be enjoying the fruits (and veg) of the scheme. But it’s not cheap for shareholders — the fund has a shortfall of almost $74m.

Out in the cold

Ten exec Russel Howcroft will have been hard to miss last night at the MCG, where he donned a quilted, camouflage-patterned onesie to brace against the cold for the annual Sleep-at-the-G.

It was Howcroft’s first time sleeping rough for the Melbourne City Mission.

As of last night the TV man and Melbourne footy club director had managed to raise a bit over $3000 — short of the $10,000 he wanted to gather.

So far Howcroft’s list of donors lacks a contribution from Ten’s new friends at Foxtel, with whom talks are continuing this week to see them take a 14.9 per cent stake in Ten.

There was no donation either from listed ad agency group Enero, which might have been good politics given Howcroft joined its board yesterday.

Back at the G, Bank of Melbourne chief Scott Tanner was top fundraiser, blasting through his $10,000 target to garner more than $21,000.

Proving he has friends in high places, donations came from former MCG chair John Wylie, Westpac deputy head Phil Coffey, blast from the past broker Bruce Parncutt, Westpac director Graeme Leibelt, BoM chair Liz Proust and vintner Daniel Besen.

All shipshape

Payments from Hong Kong and bank accounts in tax havens — welcome to the world of big-bucks international yacht racing, according to bankrupt boat builder Grant Wharington.

Wharington, who built trouble-plagued Sydney to Hobart winner Wild Thing, was in court in Melbourne yesterday to answer financial questions.

He told the court that in and around last year’s Sydney to Hobart classic, he made a “pretty low” $350 a day as a crew member aboard yachting legend Syd Fisher’s Ragamuffin.

“It is paid out of Hong Kong as far as I know, and it’s an offshore entity,” he said.

Wharington wants his passport back because he’s had an offer to compete overseas, where the wages are higher.

He helpfully volunteered that lots of guys who sail overseas “have bank accounts in the Channel Islands or wherever”.

“That’s their business,” he said — although surely Tax Commissioner Chris Jordan would also take an interest.

Wharington didn’t say where he wanted to go, but Margin Call notes that billionaire booze baron Bob Oatley’s Wild Oats is off to the US next month for an epic race from LA to Hawaii.

Cure for cancer firm

Shares in cancer drug maker Alchemia rocketed 30 per cent yesterday — little wonder, given Gabriel Radzyminski’s activist fund Sandon Capital revealed it had grabbed a 10 per cent stake.

The group has been on the skids since the failure in October of a make-or-break drug trial.

Sandon is expected to push for board change and sharp cost cutting. It has some willing backers. Fellow activist Allan Gray has a hefty stake, and Justin Liberman’s investment group Jaegen is also in the mix.

The axe of Fairfax

Another Maserati could be in order for Fairfax Media boss Greg Hywood if talk that the razor gang is back in action at the publisher proves correct.

Fresh scuttlebutt from a financial tabloid of more cuts to the already bleeding workforce barely nudged the needle on Fairfax shares.

But for Hywood, every scalp counts towards his performance pay and the prospect of a new set of Italian wheels.

Meanwhile word from News Corp camp is there are no plans to cut jobs, indeed it continues to invest in editorial and sales.

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