Woolworths has appointed Roy Bagattini as its new group CEO with effect from February 17, replacing Ian Moir who spent over nine years at the helm of the David Jones owner.
Current CEO Ian Moir will step down as group CEO and executive director on February 16. In August last year the retailer said that on the request of the board, Moir would move to Australia to oversee the turnaround at its department-store chain David Jones.
Under Moir, Woolworths has been forced to write off billions of rands after the company’s disastrous acquisition of David Jones.
Bagattini (56), is now executive vice-president and president for Levi Strauss Americas and had previously held executive roles in SABMiller internationally and in SA.
In addition to leading numerous merger and acquisition projects during the course of his career, Bagattini has spearheaded the turnaround of several companies and successfully driven their growth and expansion, Woolworths said.
“Roy has extensive operational, management and turnaround experience in global consumer and retail markets, which will prove invaluable as we continue to navigate the structural changes taking place in the retail sector and the challenges particular to our group,” said Woolworths chair Hubert Brody.
Woolworths’s share price has gained about 82% under Moir’s tenure It reached a high under him, pushing to R106.88 in November 2015.