FIRST LOSS SINCE LISTING
Woolworths looking for new CEO, but Moir staying put for now
Woolworths CEO Ian Moir, who oversaw the group’s disastrous foray into Australia that has contributed to its share price halving over the past three years, is going nowhere — for now. Following the release of its results for 2018, in which Woolworths reported its first loss since listing on the JSE in 1997, Moir told Business Day that the board believes he is the "right guy" to fix the problems that have dogged the group’s performance. "They recently extended my contract, but performance has to come with that," he said. Moir, who was appointed CEO in 2010, would not disclose for how long his contract was extended. He said the board was in the process of looking at who could replace him and when the appropriate time would be. "They have made it very clear they want me to commit to getting David Jones right," said Moir, referring to the struggling Australian department store chain that Woolworths bought for R21.5bn in 2014 — a transaction partly funded by selling new shares of nearly ...
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