Woolies incurs the wrath of a veteran retail analyst
The groceries giant's CEO Brad Banducci was forced into an awkward exchange over executive bonuses following fatalities in its stores.
When Bank of America's notoriously outspoken analyst David Errington arcs up on an earnings call, you know something's wrong.
So it was today when the retail sector veteran took aim at Brad Banducci after the Woolworths CEO acknowledged two fatalities at its operations in the last 12 months.
“This is a serious event. I can’t remember any company that I’ve covered where there’s been an accident of this level and particularly at your [distribution centres] where you’re investing so much money,” Errington said.
“Forget about productivity, we’re talking about the basic essentials of keeping workers safe. Your [distribution centres] are a mile behind the benchmark as to where they should be.”
