Brad Banducci, Managing Director and Group CEO of Woolworths Group, will retire in September 2024 after 13 years with the company, including over eight years as Group CEO.
Amanda Bardwell is appointed as the new Managing Director and Group CEO of Woolworths Group, starting 1 September 2024.
Bardwell has nearly 30 years of experience in retail, with 23 of those years at Woolworths Group, and has led to significant growth in the company's eCommerce and Loyalty businesses.
Bardwell's appointment follows an extensive international search process for a new CEO.
Bardwell's remuneration package includes a total fixed remuneration of $2.15 million per annum, with the potential for short-term incentives (STI) up to 150% of the fixed remuneration and long-term incentives (LTI) up to 170% of the fixed remuneration.
Bardwell's term as Group CEO is ongoing, with the option for either party to terminate employment with 12 months' notice, and includes specific provisions for termination without notice under certain conditions.
Brad Banducci is credited with leading a significant turnaround and transformation of Woolworths Group, emphasizing a customer-first and team-first culture, and leaving the company in a much stronger position.
Amanda Bardwell's educational background includes a Bachelor of Business in Marketing from Queensland University of Technology and a Masters of Business Administration from the University of NSW.
This announcement is a summary of the company approved ASX announcement on 21/2/2024 and is based on facts from the announcement.