NEWS ANALYSIS: Former Woolworths MD tipped to lead Edcon
Andrew Jennings may take over as the group faces the worst trading conditions in its 86-year history
FORMER MD of retail at Woolworths Andrew Jennings, has been tipped as a possible contender to head the new Edcon board, which will have the near-impossible task of growing profit in one of the most hostile trading environments in the group’s 86-year history.Jennings, who left Woolworths in 2006, worked as a special adviser to Australian-based retailer Myer, whose former CEO, Bernie Brookes, was appointed head of Edcon a year ago.Asked for comment, Brookes said consultancy Spencer Stuart had been engaged to conduct a search and was gathering names.The appointment of Jennings or someone with experience of nonfood retailing, will be critical to overcome concern that a committee of bondholders is set to oversee Edcon."Corporate bondholders know nothing about running a clothing retailer. If they try they will fail just like Bain [Edcon’s previous owner] has failed; Edcon will not survive another failure," said an industry insider who did not want to be named.A low-to-no-growth environmen...
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