Woolworths' CEO has resigned and Roy Bagattini, president of Levi Strauss' American operations, will replace him, the company announced. South African-born Bagattini would officially join the company from February 17, 2020. 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.
At the time, the group said Moir was to work as acting CEO for David Jones while continuing with group responsibilities, Fin24 previously reported.
Woolworths' headline earnings for the financial year ended June 30, 2019 were down almost 5%, mainly on the impact of David Jones operations.
In its latest notice on succession within the company, Woolworths said Moir would continue as acting CEO of David Jones, while working closely with Bagattini to ensure a smooth transition.
Moir has been at the helm of Woolworths for the past nine years. He was first appointed to the board in January 2010 and then named CEO in November of that year. Prior to becoming group CEO, Moir was the CEO of another Woolworths business, Country Road.
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