Woolworths Holdings group CEO Roy Bagattini is going on retirement mid-year, handing over the ropes to executive director and CEO for Woolworths Food, Sam Ngumeni.
Woolworths hailed Bagattini for what it called transformational disposal of the Australian department store chain David Jones, which was sold for an estimated R1.6-billion to Anchorage Capital Partners in 2022.
The group went on to purchase Absolute Pets, launched Woolworths Ventures and the first share buyback programme in the group’s history.
During his time in the role, Bagattini also led efforts to reposition the clothing businesses. This helped strengthen their long-term competitiveness and leaving them better placed to make a stronger contribution to unlocking value for the group.
Smooth transition
Bagattini will leave the company on May 31 but continue assisting Ngumeni to offer smooth transition.
Chairperson Clive Thomson confirmed that Ngumeni has been with the company for over 30 years and has expressed ability to set and execute clear strategic priorities.
“He is a principled and highly respected executive, able to inspire and empower leadership teams to deliver on key strategic and operational initiatives across our businesses.
“His deep institutional knowledge, commercial acumen, and strong capability to drive performance will be invaluable as the group further intensifies its execution in a rapidly evolving retail environment,” said Thomson.
Baton passes on to Ngumeni
In his 30-years journey with Woolworths, Ngumeni has served as group chief operating officer, group director for human resources and transformation, and Woolworths Financial Services CEO.
Ngumeni said he aimed to lead the company to the next level.
“I am deeply honoured to be appointed as group CEO of this iconic company, and one which is held in such high regard in our country. I would like to thank Roy for his stewardship over the past six years and thank the board for the confidence they have placed in me.
“I feel a profound sense of responsibility in leading this business in the next phase of its growth trajectory and am truly excited about the opportunities and challenges that lie ahead for us,” said Ngumeni.
