It was an apologetic chairman Gordon Cairns that fronted the Woolworths annual general meeting in Sydney on Thursday and begged shareholders’ patience.
Mr Cairns apologised to shareholdesr for the "frankly unacceptable" 2015 results, as well as the disappointing share price performance.
He outlined three broad priorities for Woolworths in the coming year. Reinvigorating the supermarket business – which accounts for 70 per cent of Woolworths’ revenue – was number one priority.
Putting the Masters hardware business back on course was the company’s second priority, ahead of the third priority of renewing the struggling Big W business. Finding a new chief executive was also a priority for the company, Mr Cairns said, forecasting further board appointments in the near future.
(Source: The Sydney Morning Herald Online )