Struggling retailer Woolworths has appointed a new CFO, presumably to try and win the support of the City following that £99.7 million loss made in the half year up to the start of August. The new appointment is Robert McDonald, formerly Group Finance Director for Punch Taverns, who will take over from Stephen East. Other senior execs are expected to be replaced at the sometime music seller as they attempt to turn round their financial fortunes.
Confirming McDonald's appointment, Woolies top man Steve Johnson told reporters: "Robert's appointment is very important for the Group, and I am delighted to welcome him to the team. He has great experience in finance, strategy and operational business development and is an experienced FTSE 100 CFO. His experience will be invaluable in driving through the operational changes within Woolworths and in helping the Group move to the next stage of its development".