Retail giant Woolworths will no longer have a CEO position for its South African operations after current CEO Zyda Rylands steps down following six years of leadership.
The South African multinational announced on Monday that Rylands would be leaving her role as Woolworths SA (WSA) CEO and as executive director of Woolworths Holdings Limited due to “personal circumstances”, reports Media24.
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“The group has reviewed its leadership structure for WSA and will not retain the WSA CEO role as it seeks to streamline its operating model,” the company said. Woolworths also stated that Rylands agreed to defer her planned early retirement to remain with the group until 2024.
“For the remainder of her tenure, she will focus her energies and her passion on leading the WSA Foods business, which she has been instrumental in growing and positioning as an industry-leading, food retailer,” Woolworths stated.
The company reported increased sales for the year in July. Sales increased by 9.7% as a result of improved trade performance coupled with strong working capital management and the proceeds from property sales in Australia.
Woolworth’s recovery for its operations in South Africa were sett back by the onset of the third wave of COVID-19 infections, and the recent unrest that gripped parts of KwaZulu-Natal and Gauteng last month. According to Media24, 11 Woolworths stores were looted and severaly damaged – nine in KZN and two in Gauteng.
“The consequential level 4 restrictions have further dampened already-weak consumer confidence, which is expected to limit discretionary spend,” the company said.
“Furthermore, the civil unrest and related widespread destruction of property will also negatively impact economic conditions, consumer sentiment and constrain our ability to trade in impacted areas.”
Edited by Luis Monzon
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