Pretty big after the 4-Corners interview the other night.
Woolworths CEO Brad Banducci to Retire in September
HamBoi69 on 21/02/2024 - 10:22
Last edited 21/02/2024 - 10:42 by 1 other user
Last edited 21/02/2024 - 10:42 by 1 other user
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So only your opinion matters huh? Especially someone who misuses woke as a pejorative.
Where did you dike that from? I use *WOKE** as that is what it is. Looney left BS. You know what you can do with your PEJORATIVE
@CurlCurl: Actually “woke” is a term that originated in the African American community in the 1930s to mean someone who is aware of discrimination and injustice, particularly racial. Hence my indication of your misuse of the term.
@jv: "virtue signalling is when they announce they aren't going to sell something because of the message it sends, it's completely different from when I announce I'm going to another store to buy something because of the message it sends"
Such a sad mess
gdsamp:
Considering his role as CEO is to make high level decisions that deliver value for shareholders he has been successful.cow:
His role ?
How many people work at woolies ?
Are you really trying to tell me he did everything good and all the work ?
gdsamp: We should be grateful for his contributions to our superannuation portfolios
cow:
No its stupid comments like this that are ruining australia.
Lots of people work hard in australia. Stealing credit from the many and pretending its all down to the few is what is creating inequality and discrimination in this country.
Pretending CEOs do everything and shoudl get paid 100x more than everyone else only ruins a lot of little people with low paid jobs.
This discrimination is no different from slave masters paying themselves 100x more than the slaves who did the work. Skin colour and fake job titles are the same fabrications.
I pity the fact that people dont question this fake division of people on fake attributions that mean nothing.
Are you really trying to tell me he did everything good and all the work ?
No, i'm saying that as chief executive he makes decisions that make the most money for the company. it's not exactly a charity is it, idk why people are surprised by the compensation. pay peanuts get monkeys
woolworths share price fell 5% after his 'shock' departure (maybe not surprising after the interview, but it didnt really seem like it was on the cards before this month)
clearly the market believed he was, overall at least, good at his jobi dont think the average checkout operator has the skills and experience to run a large, asx listed company and I certainly would not invest in it if this were the case
GDsamp: No, i'm saying that as chief executive he makes decisions that make the most money for the company.
cow:
You are exaggerating his decision making and consequences.His decisions dont change how much milk cows give, or how well the fruit grows.
His decisions also dont in anyway improve the computer systems.
Most of his decisions make zero differences.
Feel free to give an actual decision of his that actually made a difference.
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GDsamp: it's not exactly a charity is it, idk why people are surprised by the compensation. pay peanuts get monkeys
cow: More nonsense.
You are making statements that have been fed to you by corporate culture that praises to corporate leadership.
Paying Brad 100x isnt going to change the price of the goods they buy from their suppliers. Its not going to make it rain when theres a drought, etc.
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Gdsamp: woolworths share price fell 5% after his 'shock' departure (maybe not surprising after the interview, but it didnt really seem like it was on the cards before this month)
clearly the market believed he was, overall at least, good at his jobCow:
The market is stupid. Do i really need to give examples ?Your statement is the very problem im trying to highlight. Its just stupid and wrong to give credit to one person when its clearlya. group effort. If only brad went to work and everyone else at woolies had a holiday for a week, woolies be nothing. If brad went on holidays for a week, woolies would be fine. Now tell me who is more important ?
You are exaggerating his decision making and consequences.
His decisions dont change how much milk cows give, or how well the fruit grows.
Its just stupid and wrong to give credit to one person when its clearlya. group effort.it's not his responsibility to milk the cows or plough the fields. by and large that's also not woolworths' responsibility either. his decisions change how much $$ they can extract from shoppers and how little they can pay suppliers.
the woolies finance team says 'hey brad we could get $x from spinning off the liquor and pokies division, that'd free up some cash to invest in something else and it would improve our public image'
as ceo he signs off on it on the basis of what is going to be best for the company and make money for the shareholders.His decisions also dont in anyway improve the computer systems.
Yeah they probably do, just look how much woolies and coles are/have been investing in their online platforms. woolworthsX/click n collect has grown significantly. again, more $$$ from us that presumably he green lit. that started in like 2017-2018. if he had pulled a blockbuster and said No we're not doing online, putting em on the back foot, he'd be shown the door immediately.
ultimately the buck stops with him, if he makes what the shareholders see is a shit decision he gets the boot.
the previous ceo grant obrien signed off on masters home improvement, that went to shit, and he left after 4 years in the role.whether you think this is good or bad is up to you, but this is how it is, they are in the making money for shareholders business. Charging $6 for kettle chips and price gouging us is just how they go about getting the money
Not sure what the alternative is, i dont really think its possible to have such insane variety of food available just about everywhere one might live@Gdsamp: gdsamp: it's not his responsibility to milk the cows or plough the fields. by and large that's also not woolworths' responsibility either.
cow: never said it was his responsibility. Im just trying to put some perspective in your talk.
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gdsamp: his decisions change how much $$ they can extract from shoppers and how little they can pay suppliers.
cow: Your not seeing the big picture.
If there are no truck drivers, sending goods to woolies, they are nothing. If ther eare no cleaners cleaning each store, they ar enothing. If there are no people filling the shelves they are nothing.
You are overplaying what he does and completely downplaying what all the other woolies people do.
This is unhealthy.
You sound just like the crap that the propaganda machines spit out about Putin and Fatty and Pooh bear.
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gdsamp: Yeah they probably do, just look how much woolies and coles are/have been investing in their online platforms. woolworthsX/click n collect has grown significantly. again, more $$$ from us that presumably he green lit. that started in like 2017-2018
cow: You also forgot to mention the big stupid amount of money they wasted on self checkout systems. Each one of those is over 100k. When every store bought a few thats getting in millions per shop, and where are they now ?
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gdsamp: ultimately the buck stops with him,
cow: What does that mean ?
Is he going to pay the millions back to shareholders that woolies wasted on self checkout machines that were purchased and are no gathering dust ?
You are saying words that dont mean anything and are total bullshit.
The buck does not stop with him, thats a total lie.
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gdsamp:
if he makes what the shareholders see is a shit decision he gets the boot.
cow:
Can you actually prove that ?
I wouldnt call a $30M bonus when he retires getting the boot or the buck stops with him.
You claim he is respoinsible for self checkout, that was a bloody failure and costed millions….
If you or me worked at woolies and broke one, we would owe woolies a lot of money, and yet he is the idiot who (your words not mine) s responsible for wasting tens if not hundreds of millions on these… and he gets a bonus of 30M+ ?
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gdamp: whether you think this is good or bad is up to you, but this is how it is, they are in the making money for shareholders business. Charging $6 for kettle chips and price gouging us is just how they go about getting the money
Not sure what the alternative is, i dont really think its possible to have such insane variety of food available just about everywhere one might livecow: Wow you really have been brainwashed well by american corporate culture.
You keep repeating words and statements that dont make sense at all, and you havent actually stopped to think WHY or if this is true.
You also havent stopped to think if this hyper concentrated creditation is actually a good thing.
Heres a clue, do you know where else they make stupid exaggeration about leaders like your words ?
The dictators of the word use the same bullshit just like you. Jut loo k at Russia, its all about Putin, he is the coward hiding behind the thick walls of the kremlin, and yet he is all glorious in the fight even thought ordinary nobody russians are actually dying.
You are the same, there are tens of thousands of nobodies working everyday at woolies and yet you claim all glory and credit and money goes to Brad.
Sad and pathetic that you actually believe all this corporate propaganda bullshit.
@Gdsamp: gdsamp: the previous ceo grant obrien signed off on masters home improvement, that went to shit, and he left after 4 years in the role.
cow: Really ?
Are you seriously going to tell me that GOB did absolutely everything in planning, building, designing and sourcing all the stuff they sell at Masters ?
Is this actually humanly possible ?
Oh here we go again with the superannuation argument. I doubt Woolies makes up more than 1% of most people's super so it irrelevant in terms of their price gouging behavior and certainly does not excuse it.
Spider-Man: Good Riddance
Spider-Man, Spider-Man
Friendly neighborhood Spider-Man
Wealth and fame
He's ignored
Action is his reward… ♩ ♪ ♫ ♬
*SPIDER PIG
SPIDER PIG
Does whatever a SPIDER PIG does
Can he swing
From a web
No he cant
He's a pig
LOOK OOOUUUTTT!!!!
He is a SPIDER PIG!!
The 700m loss is just a tax fudge.
$30-50M in the pocket for sure. Leave Australia now, disguise and enjoy your $$$.
Yep last bloke got 33m if I remember correctly and he (profanity) wow so badly the year he left they cancelled bonuses for everyone.
The unions need to sue this and other decisions where all the credit and rewards are given to ceos.
Its discrimination. he didnt do all the work everyone at woolies did.
The only thing he has that the others dont have is a fake title.
Fat paycheck incoming
So you're suggesting he was pushed…
Wouldn't surprise me…
Im suggesting he did it himself to take paycheck before any shit happens with Woolies & to avoid the mental stress which comes along.
you get a fatter paycheck when 'pushed'
You do realise that Brad and his mates who fill a big building somewhere in Sydney are costing you personally a few $100 a year… and you want him to take the money ?
You do realise part of this money is coming from your family.
The Coles CEO made a much better first of the interview. He must have been very good at the main parts of his job, should have gotten someone else to do the interviews.
Yeah, she was very good. Journos are like spin bowlers….block them or you're out!
Who cares who had the better interview ?
WHy does this matter ?
Does it make the apples on the trees grow better ? Does it solve global warming ? Does it solve the problem in Gaza ?
Is this some kind of stupid joke to pretend that interviews or pointless tweets are the most important thing ?
Words matter.
Really ?
Do you think its smart to pay $100M. year on a buiding, dozens of yes men, and a ceo to make a 30sec statement that means nothing to th emedia ?
If you are doing a tuff, and gas/electiricyt/food is going up ???
WHy does it matter of the ceos of thsoe companies says an empty statement pretending to be someones friend to a journO twice a year ?
WOuldnt you be happier if the prices were 10% down instead of th ecompanies wastingtens of millions on buildings full of yes men, stupid marketing bullshit and a ceo ?
What's your problem? Who said interviews and tweets are the most important thing? All he did was compare supermarket CEO interviews in a thread about supermarket CEOs. And you have the audacity to randomly bring up Gaza and global warming. Go get some sleep.
My problem is management are parasites.
Have you bothered to ask or calculate why prices have been going up for everything from gas to food ?
Go read the news and see how ceo bonuses have also been going up. You obviously have no concept of the shear number of management types giving bonuses that cost millions. These managers also have a fancy office, waste thousands of restaurants, have assistants and more.
Do you know why gas went up ? Because when it was public there was only one office and a few managers, now there are 20 different companies all selling the same gas, and there are 20 times more buildings full of managers selling the same amount of gas to the same number of people.
Where do you think that money comes from ?
Replace gas with electricity, trains, banks etc, its blooody everywhere.
Some sleep isn't going to help it, this is just what they're like. (No, I do not recommend going back and viewing their comment history; it's just a thousand comments telling everyone that driving to work is dumb, cars are boring boxes and no one needs managers and other free association.)
That's because they did nothing but lob softball questions at her because she's a woman and a Labor party supporter.
Righto champ.
Swing and a miss.
The problem with a lot of CEOs is they might be good at business but are very arrogant as people. This does not come across well in TV interviews.
The fact that they aired him asking for part of it to be taken out was the end for him. Utterly embarrassing.
I didn't think the Coles CEO was much better, but the Woolies guy stuffing it up to such a huge extent helped her.
bearish signal
I didn't know he was the CEO, pretty awkward scene in the interview
Dressing him in the common worker polo and name badge had me laughing
It was hysterical, wasn't it? Hope the clowns responsible for that train wreak have the decency to resign.
his face when he realised the journo wasnt one of his slaves and didnt need to follow the request to have it taken off record HAHA
@Jimothy Wongingtons: Yeah, and the ABC journo was so confused. As if they'd delete that golden moment…so funny.
@Cheap Gamer: Yeah I would be confused too, but then I realised it's a bit like Bill Gates comment about Epstein "Ah well, he's dead"
His conduct basically makes it look like an admission………….
Yeah a mega hypocrite, just like ALan Joyce.
THey are a peoples person except when it comes time to share th ebonuses for a good year.
Could also be the editing, I’m sure they filmed way more than what was shown. The guy isn’t a celebrity, and isn’t a scomo. He runs a company and if margin is going up then he gets a win by my vote.
“The significant items were dominated by a $1.5 billion non-cash write-down of the Woolworths New Zealand business, which was forewarned last month.”
“In the Australian grocery business, sales increased by about 1.5% for the first seven weeks of the second half”
All the people saying the Australia day beat up has hit Woollues bottom line are spinning their wheels. There would be people virtue signalling by not buying from Woollies but this would’ve been balanced by people who really didn’t give a stuff or decided to preference Woollies.
It appears some people like to be outraged by whatever Murdoch press directs them to. Which is a bit rich from a company whose Patriarch gave up his Australian citizenship for making money in America.
creative accounting wrt the loss
I suspect you are correct on that as well. Got to get those tax write offs.
I'm no CPA, but writing off goodwill (if it indeed is goodwill) doesn't generate taxable offset
These companies make me sick. Justifying it until their death. Scum of society.
And watch absolutely nothing happen.
This will distract people
Duopoly Colesworth. Will anything change with a new CEO? I doubt it. Something else more drastic needs to be done to address the whole bunch of issues (price gouging, pushing competition away, overpower on the market, no consequences on their failures etc)
See the 4 CornersThey are a public company and a business, as much as they want to tell u they want to help the community, it’s only their shareholders they need to answer to and their profit margin they should care about. Everyone thinks they are some sort of charity and should cap their profit for the better of humanity? Give me a break!
Your comment is broken.
The voting numbers for most companies like woolies belongs to super funds etc. Its a mates club, they all vote for each other to get pay rises.
Not sure if I watched the same show, but from what I got from it was they screw suppliers down on price specifically on fresh produce. Then use the screwed down prices to entice people into the stores, specifically on fresh produce as that is what people notice first.
There was no smoking gun about how they buy for x and then mark up by huge margins.
From what i can gather farmers want a better price, fair enough no one wants to work for free, people want cheap food. Those 2 don't necessary work hand in hand.
They always combine WW/Coles market share together, yet split Aldi out WW (37%) Coles (28%) Aldi (10) others 25%.
It was just sensualism at its best, meant to be about price gauging, turned into unfair prices for farmers, staff working conditions, getting supplier to justify cost increases and then passing those on in full and home brand alcohol labeling confusing customers into thinking they are buying something they are not.
The problem isnt the duopoly.. the problem is nobody is questioning why CEOs are being elevated like they are above everyone else.
This is what has caused the price of gas/electricity to go up and wages to go down.
Ceos ripping everyone else off. Morons who have no clue getting paid millions and ripping everyone else off in so many ways.
This is the american way, they wont pay people healthcare or give them days off for being sick, but they worship and pay ceos tens of millions.
Please dont continue this stupid and dangerous culture.
new CEO = new changes to cement their leadership
cut costs, increase sales/profits, etc, to show they're better than the old one quickly.you'll never see any "help the community" actions
OzBargain falling for the psyop again
Banducci is an old school operations focused retailer who gets the job done - shares down almost 7% today confirms how highly regarded he is by shareholders
Bardwell coming from WooliesX means 3 things - increased self-service, increased data-mining including invasive Woolworths Mobile overlays and more AI driven pricing
If you are a regular Woolworths customer, you will soon see the Banducci era was peak Woolies
Really Brad did all that ?
If Brad did all that why do they bother to employ anyone ?
Will Angus Griggs be getting a Christmas card from Brad Banducci this Christmas?
It's always the Sth African guy hahaha
Everyone saying it's because of the interview, Australia day etc. It's been well known internally for many months. You can't pick a new ceo in 2 days. His plan to leave was not new. The exact timing of the media release however, that's pure pr desperation. He's been a pretty successful ceo overall for the business. A nice golden handshake is coming.
Can't wait for the senate enquiry, I don't think hell hold up well.
How do you pick a ceo ?
Brad had no clue just like the head of OPtus had no clue.
People need to wake up and realise that ceos and corporate management are the biggest tax on the Australian public.
Want to know why gas and electricity went up… it went up because those corporations introduced crazy amounts of management, and they all want bonuses and miulti million dollar payouts for doing nothing.
Brad is no different.
Brad's annual compensation is worth tens of millions.. There is no way he is worth or did more work than 10k woolies workers.
They need to hire scomo as their head of PR or at least some lessons in how to deal with journo.
In this country, you don’t want to be the biggest or at least the biggest well known. Tall poppy will be cut down. We say we are capitalist society but we are really half socialist.
How come Bunnings’s never get a looked at? They are more monopoly than Cole’s and woolies combined. And how about audit of Aami and IAG ? How much jacking has insurance company been doing last 4 years, more increase than my grocery bill.
We say we are capitalist society but we are really half socialist.
"I got one that can see!"
They need to hire scomo as their head of PR or at least some lessons in how to deal with journo.
The interview was fine
The way Banducci answered the question about personally reviewing supplier price increases before increasing shelf prices was top tier
It was when the journo pressed him about Rod Sims' comments that he let his Saffa arrogance show - you can't train that out of someone
And Rod Sims getting significant air time during the whole program was hilarious
The bloke was head of the ACCC for 10+ years between 2011-2022 and now complains about supermarket power having been concentrated over the last 20 years
So whilst he was in charge, Sims did FA to reduce the market power and now he complains about the shit job he did LOL
That's exactly what I was thinking when watching. WTF did YOU do about it Rod?
It was when the journo pressed him about Rod Sims' comments that he let his Saffa arrogance show - you can't train that out of someone
He started well with the answer, " In this area there are 3 Coles, at least 1 Aldi, a number of intendants and amazon that can deliver 25% of our offering"
When the journo interjected about Rod Sims he could have just restated conditions have changed and repeated, then diverted to what a beats Amazon is and how quick they have pulled market share in Aus. I think he had been smashed by journos and slipped. He should have been able to handle it as CEO of one of the largest Aus companies but maybe he was just sick of putting on a smiling face having to suck up to journos.
On the topic of Amazon 20 years from now ACC is gonna be going how the hell did we let them get so much market share, and today tonight and ACA will be running weekly stories about how amazon is ripping off the consumers with their bullying tactics.
I agree Tall Poppy Syndrome is rife in this country unfortunately.
Never try to get ahead because people will pull you down if not taxed you to death. If there is a message for young ambitious people in here, get high enough in career and the move overseas where success is probably more celebrated there than here.
See ya 👋
Its not about tall poppies..
Its about frauds.
Brad does not work 10x harder than anyone else at woolies. He doesnt work 100x either, and yet he is claiming all the credit for the success of wollies.
How is that not discrimination ?
WHy does Brad get 30M bonus and no one else gets a bonus ?
If theres going to be a bonus handout, it should be eventually divided between ALL staff from top to bottom. Everybody gets the same.
They need to hire scomo as their head of PR or at least some lessons in how to deal with journo.
😂😂😂
The guy who got fired from Tourism Australia and became almost universally hated? Scotty from Marketing?
I feel Brad has been bullied by the media. Yes he may have been planning on the way out anyway.
The media made a big deal of not selling Australia day merchandise which gets marked down to 15c or given away the next day.We used to do take away dinners and KFC once or twice a week but now its almost once a month due to cost of living. As a result we are spending more Coles and Woolies so obviously if another million people or more do it they should see increase in revenue and profit
Although not technically a recession back in 2018, during the GFC Woolies did quite well for this very reason. People tighten the purse strings, stop eating out so frequently, start taking more lunches from home etc. People still need food so it's more spending in supermarkets.
It's not just gross profit that's increased. Their profit margins have and are higher than overseas. That's the point.
I honestly have no positive disposition of him. His wokeness knew no bounds just like Alan Joyce and to be quite frank, good riddance.
Alan Joyce is a hypocrite.
He wants equality for gays, but then he pays himself tens of millions and give bonuses to nobody else in the company.
How is giving yourself bonuse and not giving the same to other workers at Qantas not discrimination ?
Discriminating against gays is discrimination based on a fake names applied to them, its no different than saying some people with some titles like ceo are above other people who dont have ceos.
Why should a person called. gay be subject of hate ? Of course they shouldnt. So why should a person without a title of ceo be denited a equal bonus as the person with a title of ceo ?
Who gives a shit who runs Woolworths. You either shop there or you don’t.
This is part of american corporate culture brainwashing.
Just look at the front pages of SMH etc, Just look at how many articles are about ceos, its almost like they are gods and make the sunshine and we should all be grateful for their glorious sunshine.
Just look at the media, im not joking. Watch American movies and sitcoms, you dont count as a person unless your a ceo. Everybody else is just a servant.
Add to this when the economy is doing well and companies are making record profits, its all the CEO they worked wonders.
When the economy turns its not them its the market conditions.
And then they fire all the workers and outsource jobs overseas and then award themselves bonuses.
@techno2000: Exactly this extreme greed is a large part of the gangs and drugs and gun problem in America.
A country is never peaceful when tehre are a lot of people who are struggling to pay the bills. THis is what happens in America, people work 3 jobs and earn $5 or less an hour, and then there are others that cant pay for medicine for their kid because the cost is thousands.
I want a peaceful Australia and that means everybody get a fair go and fair wages, not the extremist bullshit we see in America, where a CEO gets 1000x more than the workers who actually do the work. Theres no need to be that greedy.
We are seeing the same with the gig industry, paying people like that is a recipe for MORE violence because MORE people will be be hungry and need money and then some will get violent.
The SMH should be ashamed of itself for doing the work of corporate leaders, selling sstories they are worth millionsm it should be calling them theievs. THey are simply the modern equivalent of the slave owners of the old bad days, kicking a man/women when they are down. Thats not the Australian way.
Its a disgrace the unions or someone doesnt sue corporations for this discrimination.
Why should only the ceo get a bonus and nobody else gets one ?
THats no different from a slave master getting all the pay and the workers getting nothing.
Both are morally wrong, its a shame its not legally shown to be wrong in court.
Got grilled can't handle price gouging issue. Decided to quit. Like a coward eg. Alan Joyce
When will Brad fly out of country!?
Stock better go down and bring groceries price down with them
Let my birthday be Australia Day, All Good.
Criticised a lot in recent weeks but he leaves with the WOW share price about 60% higher than it was when he came in - and that's with a 10% drop recently.
Undoubtedly successful at what he was tasked to do.
Haha.. His minions deserve the credit. Unfortunately they don't get hams and bonuses like they use too.
Colesworth are just modern day slavery machines
I shopped at Kaufland :)
Banducci is a hero to the capitalists and investors, I find it strange how people are all about keeping what you earn and earning more money blah blah blah but hate him for doing his job to increase earnings for his stakeholders
Dumbass people say and do whatever suits their hypocrisy, double standards and tall poppy syndrome
So stupid
Give it time, and Colesworth may not have fresh produce in their supermarket chains in a decade. Farmers can't grow shit out of thin air, they need fat air too!
Banducci was a puppet, that interview clearly showed that.
I'll drink to your comment but I couldn't find a bottle of two churches locally
As long as that south African prick is gone we should be ok, maybe we can employ and Australian CEO to run an Australian company.
He is an Australian citizen, has been in Australia since 1989, probably longer then you have been born.
not Australian born so doesn't count. Real Australians are born here.
"No longer understand the grocery market"
new CEO is a female ? – this fits standard politics – when the ship hits the fan, replace the disgraced male ex-leader with a female – which tends to soften the outrage – real men don't attack a female, etc. – so she gets to put a nice face on the damage, until the reputational disaster recedes into history, whereupon she can be yanked out of the seat and it's back to business as usual.
e.g. Qantas and the Reserve Bank – https://www.smh.com.au/business/companies/no-coincidence-wom…
https://www.linkedin.com/pulse/when-women-leaders-appointed-…
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@CurlCurl: So only your opinion matters huh? Especially someone who misuses woke as a pejorative.