By Nqobile Dludla.
Woolworths Holdings said on Thursday that CEO Roy Bagattini would retire at the end of September after leading the company for more than six years, with insider Sam Ngumeni named as his successor.
“Following significant progress in the strategic repositioning of Woolworths, and given Roy’s pending retirement, the board and Roy believe that now is the optimal time to transition leadership as Woolworths builds on its strengthened foundations and growth prospects,” the fashion and food retailer said in a statement.
Under Bagattini, the group sold its struggling David Jones department store chain in Australia, reduced debt, boosted investment in its core South African assets, acquired Absolute Pets, and initiated its first-ever share buyback programme, the company said.
He also led the repositioning of Woolworths’ fashion businesses in South Africa and Australia, enhancing their long-term competitiveness through brand revamps and improved stock availability.
Ngumeni, currently CEO of the food division, has been with the group nearly 30 years and was previously its chief operating officer.
“Sam has extensive experience across various roles and functions within the group and a proven ability to set clear strategic priorities and execute effectively against these,” Chairman Clive Thomson said.
Bagattini will step down as CEO and executive director on May 31, and will work closely with Ngumeni until his retirement, Woolworths Holdings said.