This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/news/business-33160656
The article has changed 2 times. There is an RSS feed of changes available.
Previous version
1
Next version
Version 0 | Version 1 |
---|---|
Woolworths chief resigns amid plans for 1,200 job cuts | Woolworths chief resigns amid plans for 1,200 job cuts |
(about 1 hour later) | |
The chief executive of Australia's Woolworths, Grant O'Brien, is stepping down after nearly four years at the supermarket chain. | The chief executive of Australia's Woolworths, Grant O'Brien, is stepping down after nearly four years at the supermarket chain. |
His departure comes amid plans to cut about 1,200 jobs as part of a "strategic change" plan. | His departure comes amid plans to cut about 1,200 jobs as part of a "strategic change" plan. |
Woolworths is looking to cut millions of dollars in costs and improve sales after its first-half profits fell. | Woolworths is looking to cut millions of dollars in costs and improve sales after its first-half profits fell. |
It hopes to win back customers from rivals such as Coles and Aldi by lowering prices and improving stores. | It hopes to win back customers from rivals such as Coles and Aldi by lowering prices and improving stores. |
The retailer recently trimmed its profit guidance for the year to June, which would be only the second fall in annual profits for the company. | The retailer recently trimmed its profit guidance for the year to June, which would be only the second fall in annual profits for the company. |
Since going public, the only other year that Woolworths' annual profits fell was 1999. | Since going public, the only other year that Woolworths' annual profits fell was 1999. |
"The recent performance has been disappointing and below expectations. I believe it is in the best interests of the company for new leadership to see these plans to fruition," Mr O'Brien said. | "The recent performance has been disappointing and below expectations. I believe it is in the best interests of the company for new leadership to see these plans to fruition," Mr O'Brien said. |
Woolworths said it would start the search for a new chief executive. The company's head of retail services, Penny Winn, will also quit. | |
Shares in Woolworths rose by 2.4% in Sydney trading following the news. | Shares in Woolworths rose by 2.4% in Sydney trading following the news. |
Previous version
1
Next version