COMPANY COMMENT
Time for Woolies value destroyers to move on?
Chances are Woolworths will never come close to realising its initial grand objectives
The feeling among many analysts is that Woolworths CEO Ian Moir may hold on to his job for a while yet, even if he doesn’t turn around floundering Australian department store David Jones. Remarkably, this is because the Woolworths board doesn’t know who to replace him with, say analysts.If this really is the case, then you have to wonder what Tom Boardman, Zarina Bass, Gail Kelly, Stuart Rose (who retired earlier this year) and Simon Susman have been doing with their time on the group’s nominations committee. One of the key focus areas of the committee is "succession planning for directors and executive committee members". Succession planning is a critical part of any board’s job, but few seem to get it right. Recently, executive headhunters have spread their nets across the globe in search of talent, with mixed results. Moir comes from Scotland via Australia. Edcon’s headhunters turned to another Australian, Bernie Brookes, in the desperate hope he would be able to pull off the imp...
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