Woolworths boss Brad Banducci has announced his resignation following intense scrutiny over the Australian supermarket giant’s alleged price gouging tactics.
Pressure on his boss increased this week after an interview widely described as disastrous.
Mr Banducci walked away from the reporter after defying the line of questioning.
Australia has one of the most concentrated food markets in the world.
Woolworths, the country’s biggest retailer, and its rival Coles control 65% of the market, and both companies face intense criticism of their business models as the country faces a cost of living crisis. are doing.
Woolworths Group said in a statement to the Australian Securities Exchange (ASX) on Wednesday that Mr Banducci will step down in September.
The 59-year-old has worked for the company for 13 years, including his eight years at the top.
“History will judge Brad to have been one of [the firm’s] finest leaders,” said board chair Scott Perkins.
He will be replaced by Amanda Bardwell, the company’s head of e-commerce.
Woolworths Group owns a number of businesses in Australia and New Zealand, including discount department store Big W, liquor chain His BWS and New Zealand grocery chain Countdown.
In the ASX statement, the company also announced a huge first-half profit of A$929 million (£482 million, $608 million) due to higher margins in its grocery business.
Overall, however, the company recorded a loss of A$781 million due to impairments in its two businesses.
The supermarket chain is facing multiple parliamentary inquiries into its pricing practices and a new investigation by the national competition watchdog.
On Monday night, the Australian Broadcasting Corporation aired an investigation accusing Coles and Woolworths of price gouging and unfair dealings with suppliers and farmers.
Four Corners reporter Angus Grigg spoke to insiders, experts and bosses at both supermarkets and said Mr Banducci’s reaction was “horrifying”.
“That was a pretty basic line of questioning… and the fact that he bristled so badly when pushed on whether or not there was adequate competition in Australia tells you they’re not really used to having much scrutiny.”