2024-02-21 10:04:07 ET
Woolworths Group Limited (WOLWF)
Q2 2024 Earnings Conference Call
February 20, 2024 18:30 ET
Company Participants
Brad Banducci - Managing Director and Chief Executive Officer
Stephen Harrison - Chief Financial Officer
Natalie Davis - Managing Director, Woolworths Supermarkets
Amanda Bardwell - Managing Director, WooliesX
Von Ingram - Managing Director, W Living
Spencer Sonn - Managing Director, Woolworths New Zealand
Dan Hake - Managing Director, BIG W
Guy Brent - Managing Director, Woolworths Food Company
Scott Perkins - Chairman
Conference Call Participants
Tom Kierath - Barrenjoey
David Errington - Bank of America
Michael Simotas - Jefferies
Shaun Cousins - UBS
Adrian Lemme - Citi
Lisa Deng - Goldman Sachs
Bryan Raymond - JPMorgan
Craig Woolford - MST Marquee
Ben Gilbert - Jarden
Richard Barwick - CLSA
Presentation
Operator
Thank you for standing by and welcome to the Woolworths Group F ‘24 Half Year Earnings Announcement. [Operator Instructions] I would now like to hand the conference over to Mr. Brad Banducci, Managing Director and CEO of Woolworths Group. Please go ahead.
Brad Banducci
Good morning, everyone. Welcome to Woolworths Group’s half year results for the 2024 financial year.
Joining me today are Stephen Harrison, our CFO who will present our financial results a little later; Natalie Davis, Managing Director of Woolworths Supermarkets; Amanda Bardwell, Managing Director of WooliesX; Von Ingram, Managing Director of W Living; Spencer Sonn, on the line from New Zealand, Managing Director of Woolworths, New Zealand; Dan Hake, Managing Director of BIG W; and Guy Brent, the Managing Director of the Woolworths Food Company. We also have our Chair Scott Perkins with us today who will make some brief remarks shortly.
Before we begin the results presentation, I think you all will be aware at this stage of today’s announcement confirming my intention to retire from the role of Managing Director and Group CEO of Woolworths Group at the end of August of this year. After 8 years literally to the day in the role and as we’re going to our centenary I felt it was time to pass on the baton. And I’m proud to inform you that the new CEO designate of Woolworths is Amanda Bardwell, the current Managing Director of WooliesX. More on this in the upcoming months but I want to share a heartfelt thanks to all of you for your support and challenge over the years. Thank you very much. And over to you, Scott.
Scott Perkins
Thank you, Brad. Look, I think this is a big day for Woolies and in particular a big day for Brad and Amanda. We don’t do this often as a company; Brad’s being the 12th Chief Executive in our 100 year history. I first do want to acknowledge Brad’s contribution while he remains very firmly in the seat and charged with delivering our full year results and working with Amanda through to 1 September. It is natural to reflect on what he’s achieved and it is remarkable. Despite Brad’s insistence, on a low key approach we will of course, we internally mark all of that in due course.
The Board is thrilled with Amanda’s forthcoming appointment. I believe she’s everything that we look for in the next leader for Woolworths. We think about the vision she has for the business, her proven ability to carry a team with her. And as you as you all know, in retail, the need for a relentless execution. We are very excited by the prospects of her leadership. CEO succession has been an important element of our Board work ever since I joined the Woolies’ Board when I took over as Chair in ‘22. We refreshed our future CEO criteria and have been working with our internal bench of talent on their development towards that goal....
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Woolworths Group Limited (WOLWF) Q2 2024 Earnings Call Transcript