Coles appoints new CEO

Leah Weckert has been appointed the new CEO of Coles Group with current CEO Steve Cain set to retire in May.

Weckert has worked with Coles for more than a decade holding the positions of Chief Executive, Commercial and Express, CFO, People & Culture Director and State GM, Victoria Supermarkets. She has sat on the Executive Leadership Team since Coles demerged from Wesfarmers Group in 2018.

Weckert said, "We have a transformational strategy that, through the hard work of our 130,000 team members will deliver better experiences for customers and create value for shareholders. I am excited by the many opportunities and look forward to bringing them to fruition over the years ahead."

Weckert has degrees in Engineering and Science and an MBA from Harvard University. She has worked with McKinsey & Company and with the Foster's Group.

Coles' Chair, James Graham, said, "Leah has an outstanding track record of leadership and driving change inside Coles across key operating areas of the business. I am confident that Leah will maintain the focus of Coles in driving our strategy, building trust with all stakeholders and growing long term shareholder value. Lead has personal and professional qualities which together with broad business experience uniquely qualify her for the role as our next Chief Executive."

Graham thanked Cain for his leadership over the past four years during which time he steered the group through the demerger, built an outstanding management team, focused on technology, sustainability and "pursued a strategy which has seen it become one of the most trusted brands in Australia".

"Steven's leadership through the challenging Covid period saw Coles play a most important role in meeting essential community needs, increasing our reputation with key stakeholders and keeping customers and team members safe," he said.

Cain will remain with Coles Group for an interim period to ensure a smooth transfer of executive responsibility.

The news coincides with Coles' half yearly results presentation showing which have seen sales revenue lift by 3.9 per cent and EBIT up by 9.9 per cent. However, sales revenue for liquor fell by 2.4 per cent to just below $2.0b as sales were impacted by the cycling of on-premise closures and restrictions in 1H FY22 and weather events along the eastern seaboard. E-commerce sales in liquor were a standout with growth of 13.7 per cent.

More news on results to come.