Woolworths CEO announces retirement as company declines in sales

During Woolworths Limited’s trading update this week, Chief Executive Officer and Managing Director, Grant O’Brien announced that he would be retiring later this year. The decision comes after the company revealed continued declines in Q4’15 sales. Specifically, Woolworths’ Food and Liquor business reported declines in May and June, mirroring those recorded in Q3’15. While seeking a replacement for Mr. O’Brien, the company has therefore also announced that it will be cutting up to 1,200 jobs to reduce costs.