Brad Banducci

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Brad Banducci
Born
Bradford Banducci
Alma mater University of KwaZulu-Natal
UNSW Business School
Known forManaging director and CEO of Woolworths Group
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Bradford Banducci is a South African Australian businessman and is the former CEO of the Woolworths Group from which he retired in September 2024. He has attained degrees from the University of KwaZulu-Natal in South Africa and the Australian Graduate School of Management in Sydney.

Contents

Banducci became Managing Director and CEO of the Woolworths Group in 2016 and announced his retirement from the Woolworths Group after making national headlines when he walked out of an interview discussing price gouging with ABC's Four Corners program.

Early life and education

Brad Banducci grew up in Boksburg, South Africa, where he worked with his father on selling sewing machines. [1] His success in this endeavour as a teenager resulted in him being named the top sewing machine salesman for three years in a row starting from age 16. [2] At the same time, he went to school at Christian Brothers College (CBC). He then studied at the University of KwaZulu-Natal where he completed a Bachelor of Commerce and a Bachelor of Law Degree. He moved to Australia in 1988, where he attended the Australian Graduate School of Management (AGSM), getting his Masters of Business Administration, Economics, Finance and Corporate Strategy and graduating in 1991. [3]

Career

After receiving his MBA, Banducci worked for the Boston Consulting Group for 14 years serving as the Vice President and Director of the company, servicing clients in Australia, New Zealand and Asia Pacific regions. He then served as the CFO and Director of Tyro Payments before he became the CEO of the Cellarmasters Group in 2007. Banducci joined the Woolworths Group in 2011 when they acquired Cellarmasters. In 2012, Banducci was made Director of the Woolworths Drinks business and then was made Managing Director of the Woolworths Food Group in March 2015. [3] [4] In February 2016, Banducci became the managing director CEO of the Woolworths Group. [5]

Banducci retired from the Woolworths Group in September 2024. The announcement of his intention to retire occurred days after Banducci made national headlines for walking out of an interview with the ABC's Four Corners as part of their investigation into price gouging by major supermarkets in Australia. [6] During a Senate committee hearing on supermarket practices, Banducci was questioned about the company's financial performance and he stated that return on equity (ROE) was not the right measure of the company's performance but rather return on capital employed (ROFE) was. Australian Greens Senator Nick McKim responded by threatening to hold Banducci in contempt. [7]

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References

  1. ↑ Powell, Dominic (18 September 2021). "After 'chopping off all our limbs', Brad Banducci is ready for a new Woolworths". The Sydney Morning Herald . Retrieved 31 May 2024.
  2. ↑ Evans, Simon (1 March 2015). "Woolworths hires Brad Banducci to revive supermarkets". Australian Financial Review . Retrieved 31 May 2024.
  3. 1 2 Somos, Christy (21 February 2024). "The rise and fall of Woolworths CEO Brad Banducci". SBS News . Australian Associated Press . Retrieved 1 May 2024.
  4. ↑ "2023 Annual Report" (PDF). Woolworths Group . p. 69. Retrieved 8 May 2024.
  5. ↑ LaFrenz, Carrie (5 September 2022). "Woolworths boss Brad Banducci says he's not going anywhere just yet". Australian Financial Review . Retrieved 31 May 2024.
  6. ↑ Terzon, Emilia (21 February 2024). "Woolworths chief executive Brad Banducci to retire as company announces $781 million loss". ABC News . Retrieved 8 May 2024.
  7. ↑ Barrett, Jonathan (16 April 2024). "Woolworths boss Brad Banducci threatened with contempt charge in fiery Senate inquiry hearing". The Guardian . Retrieved 31 May 2024.
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