During Woolworths Limited’s trading update this week, Chief Executive Officer and Managing Director, Grant O’Brien announced that he would be retiring later this year. The decision comes after the company revealed continued declines in Q4’15 sales.

“At the recent Investor Day we set out clear strategies to grow our businesses over the next three years and we have been working hard to execute these plans. However, the recent performance has been disappointing and below expectations”, Mr. O’Brien said.

“I believe it is in the best interests of the company for new leadership to see these plans to fruition.”

Specifically, Woolworths’ Food and Liquor business reported declines in May and June, mirroring those recorded in Q3’15.

While seeking a replacement for Mr. O’Brien, the company has therefore also announced that it will be cutting up to 1,200 jobs to reduce costs.

The company will also continue to implement its FFG project, aimed at improving its customer offer, as well as dispose a number of its property sites.

Detailed quarterly sales results of Woolworths Limited are scheduled to be announced on 28 August 2015

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