Woolworths finds new chief executive

Woolworths has announced that Steve Johnson will be joining the company as chief executive as of September 1.
Johnson, 44, was most recently chief executive of Focus DIY, a post he held for four years until July 2007. He has also worked for GUS and Asda, and is currently a non-executive director of Unipart.

Johnson will join the struggling retail chain on a basic salary of £550,000, and has also been promised performance-linked bonuses each worth up to half that again.

Commenting on Johnson’s appointment, Woolworths’ chairman Richard North noted “his particular experience in achieving a turnaround at Focus.

“We’re sure that he has a great deal to contribute to the recovery and growth of the Woolworths Group,” he said.

Johnson, who replaces Trevor Bish-Jones, said he would “be focused on value creation for all stakeholders”.

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