BUSINESS NEWS - Woolworths chief executive Ian Moir will be stepping down from his position at the retailer in mid-February. He will be replaced by Roy Bagattini the president of clothing company Levi Strauss Americas.
Moir announced last year that he would be heading to Australia to oversee the turnaround plan of David Jones, the disastrous investment which saw Woolworths losing just under R12 billion of the initial R21.4 billion that it invested in the Australian brand.
Bagattini will take over the reins from February 17.
“In order to facilitate a smooth transition, Ian will be working closely with Roy and will also continue in his role as acting CEO of David Jones,” the company said in a Sens announcement on Tuesday morning.
Bagattini, a South African, has extensive experience in the retail industry, with a career spanning over 19 years in international markets. Prior to his present role, he was the president of Levi Strauss’s Asia Pacific, Middle East and Africa operations from 2013 to 2016.
Prior to that, during 2009 to 2013 he headed up the global brewer Carlsberg Group’s Asia and Africa operations, while also having held various executive positions at SABMiller internationally and in South Africa.
“In addition to leading numerous merger and acquisition projects during the course of his career, he has spearheaded the turnaround of several companies and successfully driven their growth and expansion,” said Woolworths.
“Roy has extensive operational, management and turnaround experience in global consumer and retail markets, which will prove invaluable as we continue to navigate the structural changes taking place in the retail sector and the challenges particular to our group,” said chairman, Hubert Brody.
“Roy’s leadership will continue to drive the future strategy for the group. The board welcomes Roy and looks forward to his contribution,” Brody added.
The board also thanked Moir for his leadership of the Woolworths Group over the past nine years.