BusinessCompany NewsWoolworths FD leaves troubled retailer

Woolworths FD leaves troubled retailer

Stephen East replaced by Robert McDonald, company says

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)

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