Woolworths FD leaves troubled retailer

Woolworths finance director Stephen East has left the company, with Robert McDonald appointed in his place.

Press reports reported the company had said that East wanted to leave.

The company is facing severe difficulties on the high street, posting a pre-tax loss of £99.7m for the six months to 2 August. Auditor PricewaterhouseCoopers disclosed in the interim results 'the existence of material uncertainties which may cast significant doubt about the company's ability to continue as a going concern'.

McDonald was previously group FD of Punch Taverns and had also worked for Allied Domecq.

East is to remain with the company while the handover occurs. McDonald starts on 3 November.

Steve Johnson, chief executive of Woolworths, said: 'Robert's appointment is very important for the group, and I am delighted to welcome him to the team. He has great experience in finance, strategy and operational business development and is an experienced FTSE 100 CFO. His experience will be invaluable in driving through the operational changes within Woolworths and in helping the group move to the next stage of its development. I would like to thank Stephen for his significant contribution to the group over the last three and a half years and wish him well for the future.'

Further Reading:

Read stock exchange announcement

Read the FT's report

Read the interim results (pdf)