Woolworths Dancing on the ceiling
This is huge (with a rider, see comment, below): South African consumer goods retail has it first female CEO, and why are we not surprised that the retailer in question is our own dear Woolworths, never one to shy away from a the road less travelled? That was a rhetorical question, designed to make an argument rather than to elicit knowledge. Zyda Rylands – who was appointed as MD for Foods in 2010 and has been with the group for 20 years – will take over as CEO of Woolworths South Africa. Since Rylands took over the portfolio, the food business has grown 83%, with a 240% growth in profit.
Comment: This is excellent stuff, to be sure. However, to put it in context, Woolworths South Africa accounts for 30% of group sales since the Australian acquisitions. So it’s going to be truly revolutionary, for example, when Mr Moir steps down for a bit of well-deserved and hands over the entire shooting match to Ms Rylands. Until that happy day, we celebrate.