Woolworths boss set to receive an eye-watering payout despite controversies as many Australians struggle amid a cost-of-living crisis.
Woolworths CEO Brad Banducci’s decision to step down from his role earlier than expected, announced just after a contentious interview with ABC Four Corners, has shed light on his staggering exit package.
According to a report by the Australian, Banducci is slated to take home a hefty share portfolio valued at approximately $24.4 million, in addition to an anticipated $6.5 million salary payout.
His successor, former WooliesX leader Amanda Bardwell, is set to inherit a $2.15 million pay package inclusive of superannuation benefits.
Woolworths Group has refuted claims linking Banducci’s resignation to the ABC interview, claiming that the succession plan had been in motion since mid-2023.
While Banducci has been commended for steering the supermarket chain to record profits, recent public controversies, including accusations of price gouging and shocking Australia Day merchandise sale decisions, have thrust him into the spotlight.
The ongoing senate inquiry into supermarket pricing practices remains a pressing concern for Prime Minister Anthony Albanese.