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!
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!