Woolworths’ new man at the top

Woolworths CEO Roy Bagattini is set to retire at the end of September 2026 and step down from his role in May. He will be succeeded by the retailer’s current food division CEO, Sam Ngumeni.

Bagattini has been at the helm of Woolworths since 2020, having steered the company through a difficult period, including the Covid-19 pandemic and the retailer’s David Jones conundrum.

Prior to joining the South African retail giant, Bagattini held positions at Levi Strauss & Co, where he was president of its Americas division, and at the Carlsberg Group, where he served as president of the company’s Asian operations.

He was also previously the regional managing director at SABMiller, a position he held for nearly two decades.

In a notice to shareholders released on Thursday, 12 March, Woolworths explained that Bagattini’s retirement follows a period of careful consideration by himself and the retailer’s board.

His retirement also forms part of a comprehensive succession plan that has been in process “for some time”, the company said. 

“Following significant progress in the strategic repositioning of Woolworths, and given Roy’s pending retirement, it is now the optimal time to transition leadership as the group continues to build on its strengthened foundations and prospects for growth.”

The retailer explained that, under Bagattini’s stewardship, the group has materially strengthened its capital allocation framework and disciplines and fundamentally enhanced its long-term growth and value-creation prospects. 

Woolworths specifically mentioned the “transformational disposal” of its David Jones business, which Bagattini oversaw.

The retailer sold this business in 2023 at a significant loss, eight years after it was acquired for over R21 billion.

The sale, while at a loss, was considered a strong strategic decision, as the retailer had been pumping billions into David Jones, making very little in return.

Woolworths also praised Bagattini’s role in the company’s deliberate shift in both capital and management focus toward more returns-accretive strategies and businesses.

This, the retailer said, has de-leveraged the group’s balance sheet and enabled, amongst other things, increased investment in the company’s core South African assets. 

“This includes the successful acquisition of Absolute Pets, the launch of Woolworths Ventures, and the first share buyback programme in the group’s history,” it said. 

“During his tenure, Roy has also overseen the repositioning of the apparel businesses, improving their longer-term competitiveness, thereby ensuring they are now well placed to contribute more meaningfully to value unlock for the group.”

Woolworths’ apparel and Australian businesses had been struggling over the past few years, but, in the company’s latest results, showed encouraging signs of a turnaround.

The new man at the top

Woolworths explained that the succession process for selecting the new CEO entailed a diligent review of both internal and external candidates.

“The group has a wealth of deep talent, and the board is delighted to confirm the appointment of an internal successor, being Sam Ngumeni, as the new WHL Group CEO with effect from 1 June 2026,” it said. 

Bagattini will, therefore, step down from his roles as CEO and executive director with effect from 31 May 2026, but the retailer said he will work closely with Ngumeni to ensure a smooth and effective handover.

Ngumeni has been at Woolworths far longer than Bagattini, having joined the company in 2008 and served as an executive director since 2014.

He is currently the CEO of Woolworths’ Food division, its most successful segment, and previously held various senior executive positions across the Group, including that of group chief operating officer (COO).

“Since assuming the role of CEO of the Food division, Sam has successfully led the business’s continued above-market performance and further strengthened its leadership in premium food retailing in the country,” Woolworths said. 

“During his time as group COO, he had overall responsibility for the group’s Supply Chain and Logistics, Stores, Information Technology, Online and Digital, AI, Data and Analytics, Real Estate and the Rest of Africa operations.” 

“During this time, Sam led many key strategic initiatives which delivered growth, efficiencies, reduced costs and improved levels of customer service.” 

The company said Ngumeni’s breadth of experience, strong understanding of the group, and deep operational expertise position him exceptionally well to lead the group “in this next and important phase of its strategic journey”.

“I am deeply honoured to be appointed as group CEO of this iconic company, and one which is held in such high regard in our country,” Ngumeni said. 

“I would like to thank Roy for his stewardship over the past six years and thank the board for the confidence they have placed in me.” 

“I feel a profound sense of responsibility in leading this business in the next phase of its growth trajectory and am truly excited about the opportunities and challenges that lie ahead for us.”