Woolworths intraday low worst in seven years
Clothing and food retailer hit by a series of director departure
The Woolworths’ share price reached a new seven-year intraday low of R45.01 on Thursday as reports of executive resignations continued to dog the group and added to investor jitters ahead of the release of interim results next week. The upmarket clothing and food retailer, which has seen its share price slump from a high of R108 in November 2015 following the R21bn acquisition of Australian department store chain David Jones, has been hit by a series of director departures. On Thursday a spokesperson for the group confirmed that Ashley Gardner, the CFO of Woolworths’ Australia was leaving the group at the end of February but said this was part of a plan that had been announced in May 2018. In a SENS announcement released in May 2018 the group said it was simplifying its Australian regional leadership structure and that the role of regional CEO had been discontinued. “Consequently John Dixon (regional CEO) will leave the group,” said the May 2018 announcement. Dixon resigned with imm...
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