Woolworths Group Ltd (ASX: WOW) shares are edging lower on Tuesday.
In morning trade, the supermarket giant's shares are down 0.5% to $34.28.
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Why are Woolworths shares falling?
As well as broad market weakness, the company's shares have come under pressure today after it announced the exit of one of its senior leaders.
According to the release, Natalie Davis has announced her resignation from the role of managing director of the key Woolworths Supermarkets business. Davis will continue in her current role until the end of September with a search process for a replacement now underway.
The release notes that Davis joined Woolworths in 2015, initially as director of customer transformation for the Australian Food business before becoming the group's chief transformation officer. She also spent two years as managing director of Woolworths New Zealand before returning to Australia to take up her current role of managing director of Woolworths Supermarkets in 2020.
Where is she going?
It has been revealed that Davis is leaving to join Ramsay Health Care Ltd (ASX: RHC) as its new managing director and CEO.
This morning, the private hospital operator announced that its long-serving leader Craig McNally will retire at the end of June 2025. Davis will commence as group CEO-elect on 1 October and work with Mr McNally for an orderly transition, before becoming CEO later in the year.
This is a bit of a blow for Woolworths given that it is already losing its group CEO, Brad Banducci, in the coming months.
Commenting on the exit of Natalie Davis, Banducci said:
Natalie has played a key role in the transformation of Woolworths Group and Woolworths Supermarkets in Australia and New Zealand. For the last four years as Managing Director, Woolworths Supermarkets, Natalie has been a very purposeful leader and championed a number of initiatives that are key to our future but her single biggest achievement has been the immense care she has shown for our Team.
We want to thank Natalie for her commitment to our Customers, Team and the Communities we serve and helping make us Better Together. We wish her every success in her new role.
Incoming group CEO, Amanda Bardwell, added:
I also want to thank Natalie for her contribution to Woolworths Group over many years, and her partnership in building our Australian Food business. While we are disappointed to see Natalie leave, we wish her all the best with her next opportunity.
