Woolworths shocks – but why is anyone surprised?

Co-founder of the Switzer Report
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If there is one lesson from Woolworths profit warning this morning, and NAB’s messy but disappointing result yesterday (click here for more), it’s that turnaround stories take time. A lot of time.

Woolworths is the classic. It is paying the price for what many believe to be an incompetent leadership team and Board, and that famous “Woolworths arrogance” that suppliers and others so quickly recognize. It took its eyes off the ball as Coles (and now Aldi) ate its lunch.

However, the outgoing CEO, Grant O’Brien, is still in the job - the new CEO is yet to be appointed and is probably months away from actually taking over.

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