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Four more go as Woolies crisis deepens
23 Oct 2008The crisis at the top of stricken retailer Woolworths gathered pace today as the finance director and three other senior managers left. This follows the ousting of chief executive Trevor Bish-Jones in the summer and two other senior executives last week.
New chief executive Steve Johnson today announced a major internal restructuring.
The biggest of today's departures is that of £350,000-a-year finance director Stephen East, who is being replaced, with no pay-off, by Robert McDonald, former finance director at Punch Taverns.
Also going are the property, business development and corporate finance directors.
Reader views (1)
Hold on a minute, Woolies can't go bust, Sir Alan Sugar has just bought a load of shares in them and he's infallible isn't he?
Just goes to show, the 'experts' can make huge mistakes like anyone else. Look at Warren Buffet, just invested billions in Goldman Sachs and who can guarantee that they'll survive intact. It's easy to be a financial genius when the bubble keeps inflating and it's a bull market, but this big bad bear will make idiots out of those we all thought were geniuses.
This isn't over yet by a long chalk, don't spend, keep your cash and invest when things have cleared out #including Woolies unfortunately#.
- Chris Simmonds, Herne Bay, Kent, UK, 23/10/2008 22:35
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