Woolworths boss quits amid job cuts

The main executive of Australias Woolworths Grant OBrien is walking lower after nearly 4 years in the supermarket chain

His departure comes among intends to cut about 1200 jobs included in a proper change plan

Woolworths is searching to chop huge amount of money in costs and improve sales after its first-half profits fell

It wishes to regain clients from rivals for example Coles and Aldi by lowering prices and enhancing stores

The store lately trimmed its profit guidance for that year to June which may be just the second fall in annual profits for the organization

Since going public the only real other year that Woolworths annual profits fell was 1999

The current performance continues to be disappointing and below anticipation I believe that it is within the needs of the organization for brand new leadership to determine diets to fruition Mr OBrien stated

Woolworths stated it might start the quest for a brand new leader The companys mind of retail services Cent Winn may also quit

Shares in Woolworths rose by 24% in Sydney buying and selling following a news