Was wondering if this should be posted in uplifting news or here, but I think it is a bit naive for me to think that they will change their pricing policy anyway, just rinse and repeat while hoarding record profits.
It’s basically just because of his trainwreck interview with ABC. He walked out because he got the slightest bit of pushback and said something ridiculous that ABC wouldn’t take out.
Not uplifting. CEOs are literally there to be pushed out whenever things hit the fan - just so the company is seen to be doing something. Nothing will change. Profits will stay. The rich will keep getting richer. Move along, plebs.
NAB did the exact same thing after the banking royal commission
“You can’t indict me because I quit!”
“We can still indict you, jackass.”
This will send the Australian grocery Capos into a deathly competition about who becomes the next boss.
This is the best summary I could come up with:
Woolworths boss Brad Banducci has announced his resignation, amid scrutiny over alleged price-gouging tactics used by the Australian supermarket giant.
Woolworths - the nation’s largest retailer - and its rival Coles control 65% of the market, and both have been facing intense criticism over their business models as the country battles a cost-of-living crisis.
In a statement to the Australian Stock Exchange (ASX) on Wednesday, Woolworths Group announced Mr Banducci would retire in September.
In the ASX statement, the company also announced a massive half year profit of A$929m (£482m; $608m), in part thanks to growing margins on its food businesses.
On Monday night, the Australian Broadcasting Corporation aired an investigation which accused both Coles and Woolworths of price-gouging and unfair dealings with suppliers and farmers.
Four Corners reporter Angus Grigg spoke to insiders, experts, and the bosses of both supermarkets, and said Mr Banducci’s reaction was “startling”.
The original article contains 342 words, the summary contains 148 words. Saved 57%. I’m a bot and I’m open source!
ACCC announces ‘this never would have happened under our previous CEO and we are investigating our current policies’
