The Woolworths CEO is out, and the stock is up

Marianna Massey/Getty Images for Woolworths

The share price of Woolworths jumped more than 2% on the news that CEO, Grant O’Brien, is stepping down.

Investors saw the departure as a positive for the supermarket business after profit forecasts fell over.

The company now expects a flat full year profit for the 2015 financial year when it had just three months ago been expecting 1.8% growth. The previous result was $2.45 billion.

The shares are currently trading about 1.94% higher at $27.36.

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