The boss of Woolworths has announced he's stepping down after eight years in charge. Brad Banducci insists his departure was always planned despite a number of PR disasters. Subscribe: http://ab.co/1svxLVE
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The company has posted a $781 million statutory loss, due to two major writedowns. But its underlying profit is up by almost $1 billion, driven by higher margins at WooliesX, its online shopping division.

The current head of WooliesX, Amanda Bardwell, will take over as CEO after Mr Banducci's departure.

It comes amid allegations of price gouging and unfair practices with suppliers.

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