Woolworths, the big supermarket group with flat earnings and a declining market share, is reportedly about to make major changes to its board of directors.
Chairman Ralph Waters is expected to announce his retirement soon, according to the Australian Financial Review.
There have been calls to bring back the former successful CEO, Roger Corbett, as chairman to manage the process of finding a new company leader.
Current CEO Grant O’Brien announced his retirement in June, citing disappointing and below expectations results for the group.
The major supermarket players are under pressure. German chain Aldi has grown in Australia mostly at the expense of Metcash’s IGA chain, but that’s about to change as the supermarket starts to chip away at Woolworths and its major rival Coles.
Wesfarmers’ Coles, however, is showing strong growth. Earnings before interest and tax (EBIT) at Coles increased 6.6% to $1.783 billion for 2015 on revenue growth of 2.2%.