Cairns demands commitment at Woolworths
Independent Financial Research
A boardroom clean-out has been occupying the mind of Woolworths chairman Gordon Cairns. Even more important is who he will choose as chief executive. It’s almost gone unnoticed, but there’s been a purge in Woolworths’ (ASX: WOW) boardroom. Yesterday chairman Gordon Cairns – himself only in the job since September – announced that the services of director Jayne Hrdlicka were no longer required. Hrdlicka is the chief executive of Jetstar and a member of the Qantas Group (ASX: QAN) executive committee. It’s hard to see how the chief executive of one company has the time to serve as a director of an unrelated one. In the announcement, Cairns stated: ‘Regrettably Ms Hrdlicka has concluded that the demands of the Woolworths Board … are too significant in balance with her commitments as the Jetstar CEO’. The subtext was clear. Cairns needs commitment from Woolworths’ directors and, if you can’t dedicate the time, get out. We were impressed with Cairns’ performance at the annual general meeting, and this decision gets another tick from us. Continue reading article: (VIEW LINK)
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