Woolworths has appointed a new boss to revive the retail giant, hammered by weak earnings, stiff competition and its failed hardware chain Masters.
Woolworths on Friday unveiled a first-half loss of $972.7 million, its first in more than 20 years because of its ill-fated attempt to rival Bunnings whose parent company also owns Coles.
Tasked with the job of reviving the grocery business while ridding the group of Masters, is Brad Banducci. The group's food and liquor managing director has been elevated into the chief executive role eight months after Grant O'Brien announced he'd step down when a replacement was found. Mr Banducci will continue to fill his other role until a replacement is found.
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