New Woolies CEO's huge salary revealed
Woolworths have announced their new CEO, just hours after Brad Banducci shared the news of his retirement.
After almost nine years at the helm, Banducci is stepping down after a trainwreck interview with ABC’s Four Corners, and while still facing backlash over the decision to not stock Australia Day merchandise.
Now, his replacement has been announced, with Amanda Bardwell set to step into the role in September.
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.
When Ms Bardwell steps into the role, she is set to receive a generous pay packet of $2.15 million, as well as additional generous bonus incentives.
While this number seems extravagant, it pales in comparison with the $7.65 million Banducci took home last year.
Mr Banducci’s pay was even higher in 2022, with a take home pay of $8.37 million, but money was knocked off from his short term bonuses, after the discovery that there was nearly $600 million in underpayments across Woolworths’ payroll going back years.
The revelation of his extortionate pay packet in the wake of his resignation has angered many, with social media users airing their grievances over his salary, given that many Aussies continue to struggle to keep up with the rising costs of supermarkets as the cost of living crisis continues.
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”.
A spokesman for Woolworths said Mr Banducci’s retirement announcement was not connected in any way to the recent Four Corners interview.
Image credits: Woolworths