Struggling retailer Woolworths saw its share price decline to the lowest level since 2012 after saying two nonexecutive board members with extensive business experience in Australia resigned with immediate effect on Monday. The resignation of two Australia finance experts, Patrick Allaway and Gail Kelly, the South African-born former CEO of Westpac bank, followed that of David Jones CEO David Thomas, who left with immediate effect last week. Thomas was the third CEO to leave David Jones in five years. Woolworths bought David Jones in a much-praised takeover for R21bn in April 2014 as part of its strategy to create the largest retailer in the southern hemisphere. Battling to turn around the business, the retailer wrote down the value of the Australian retailer by R7bn in 2018, leading Woolworths to report its first annual loss since 2002. The share price is down 28.8% over the past year, lagging both the JSE’s general retailers and all share indices. It closed down 3.29% on Monday at...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now