After months of destabilising speculation, Woolworths on Monday announced the intended retirement of its CEO Michael Luscombe on 30 September.
Grant O’Brien, currently COO of the supermarket giant’s food and petrol division, will be his successor as the company battles to maintain its supermarket supremacy as rival Wesfarmers steps up competition with its revamp of Coles.
The company said in an announcement on Monday that O’Brien, aged 49, would become the deputy CEO and CEO designate. He will join the board as an executive director and will work closely with Luscombe until his formal commencement date on 1 October, the fifth anniversary of Luscombe’s appointment as CEO, Woolworths said.
(Source: The Sydney Morning Herald Online)