Brad Banducci on Qantas investors’ wishlist for chair
Woolworths Group CEO Brad Banducci is being touted as a candidate to replace outgoing Qantas chairman Richard Goyder, thanks to his turnaround of the retail conglomerate and Canberra nous.
Brad Banducci has been Woollies CEO since 2016.
Investor sources told Street Talk Banducci would be a great fit to take over from Goyder whose impending retirement was announced this month amid scrutiny of his leadership. He is due to exit by November 2024.
To be clear, Qantas hasn’t officially kicked off the search, although it has hired C-suite headhunter Egon Zehnder and nominated candidates internally. Still, Banducci – along with ex Macquarie Group boss Nicholas Moore – are the types of execs long-suffering fund managers are crossing fingers for.
A spokesperson for Qantas declined to comment.
For Banducci in particular, Woolworth’s share price has doubled since he took the reins, beating ASX 200’s 45 per cent rise over the same period. He has turned around Woolworths’ operations but also the brand – two departments where Qantas could use some help. Sources said Banducci is also respected for his tech savvy and contacts in the nation’s capital.
Banducci has spent the past 12 years at Woolworths. Previously the CEO at Cellarmasters, he joined Woolies in 2011 and served as its director of drinks business and managing director of Woolworths Food Group, before moving to the top job in 2016. (Cellarmasters was acquired by Woolworths).
Chairing Qantas’s board is arguably the toughest board gig in corporate Australia right now. The chosen candidate would be put under the microscope by investors and newspapers while Qantas fights to recoup trust from its customers, investors and the government after multiple scandals that run the whole gamut from unusable flight credits, creative accounting, use of government subsidies and treatment of staff to its leadership’s refusal to accept responsibility until it was too late.
Qantas’ AGM is scheduled for November 3. Its shares have lost 16.75 per cent year-to-date.
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