The staggering amount the Woolworths boss will walk away with after retiring from the top job has been revealed.
Chief executive Brad Banducci announced on Wednesday he would retire early from the role, days after a trainwreck interview with ABC Four Corners.
A report published by the Australian estimates the supermarket boss will take home shares that could be worth an estimated $24.4 million.
This would be in addition to the $6.5 million he is expected to receive as part of his annual salary.
Mr Banducci will step down in September and will be replaced by former WooliesX leader Amanda Bardwell.
She will receive a $2.15 million pay package in the new role, which includes superannuation.
Woolworths Group denied suggestions the shock resignation is related to the ABC interview in which Banducci tried to walk away in the middle of facing questions about a probe into supermarket pricing practices.
During the company’s Wednesday earnings call with investors, Woolworths Group Chair Scott Perkins stressed the succession plan was “completely unaffected by the external events of the last couple of weeks”.
“So in the last couple of years it’s been a real point of focus and there’s been an ongoing dialogue with Brad as to when was the best time for him and the best time for Woolworths for that succession to be really activated,” he said.
He said the company started to focus on the succession plan “a little bit more intently” from mid-2023.
Banducci was praised by the company’s leadership for returning the supermarket to record profits, however a series of public controversies have pushed the boss into the spotlight of late.
A senate inquiry is currently investigating whether the nations major supermarkets have engaged in price gouging practices as cost-of-living pressures bite at the checkout.
Banducci also came under fire when the supermarket announced it would stop selling Australian merchandise ahead of the national holiday in January.
Prime minister Anthony Albanese avoided commenting on the departing boss directly, instead reiterating his thoughts on the inquiry into supermarket prices.
“I want to talk about things other than personalities and what’s very clear is that customers should get the lowest prices possible,” he told reporters on Wednesday.
“We need to make sure that competition is appropriate and that’s why we’ve set up reviews including by the ACCC and also the senate inquiry.”