Woolworths Ltd chief executive Michael Luscombe will retire from Australia’s largest retailer at the end of September, the company announced today (4 April).
Luscombe will step down after five years as chief executive of Woolworths to be replaced by Grant O’Brien, the company’s chief operating officer for food and petrol.
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O’Brien, who has been at Woolworths for 24 years, said that he was “honoured” by the appointment. “I see myself as being very much an example of everything Woolworths stands for today, in terms of having a strong supermarket grounding but with a diversity of experience across our broader portfolio of businesses,” O’Brien said.
Woolworths chairman James Strong said that O’Brien was a “highly capable successor” with a wealth of experience across the company. “It is especially pleasing to appoint our 12th CEO from within the ranks of the company,” Strong said.
However, O’Brien takes the helm at a challenging time for Woolworths. The company’s sales have come under pressure from a constricting consumer environment and the resurgence of its closest rival Coles, which has started to reap the benefits of a turnaround process.
In January, Woolworths slashed its forecast for annual earnings growth from a range of 8-11% to a 5-8%.
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By GlobalDataO’Brien will take up the posts of deputy CEO and CEO-designate immediately, working “closely” with Luscombe, until he takes over the reins on 1 October.
