South Africa: New Blood for Woolies

analysis

In 2015 Woolworths' share price was R103.72. In early 2020 it was priced at R50.51. Eventually, someone has to take the fall for that scale of value destruction.

The board of fashion and food retailer Woolworths has announced that group CEO Ian Moir will resign his position effective 16 February 2020.

He will be replaced by Roy Bagattini, a South African who is currently president of the Americas for Levi Strauss, one of the world's most iconic brands.

The US business is the largest in the Levi Strauss group and includes a significant network of retail stores, spanning the United States, Canada, Mexico, Brazil and Latin America.

Bagattini also played an instrumental role in the development and acceleration of the e-commerce and omnichannel capabilities of Levi Strauss.

He cut his teeth in the consumer market at SABMiller, which he joined in 1991, before becoming president for Asia and Africa at the Carlsberg Group, a position that was based in Hong Kong.

Outgoing CEO Ian Moir joined Woolworths in November 2010 when the share price was R28.30 and the firm ungeared. As of Tuesday 14 January, the share price was R51, but Woolies was saddled with debt of R12.5-billion and profit...

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