Why the Woolworths share price will be on watch today

The Woolworths Group Ltd (ASX: WOW) share price is one to keep an eye out for on Tuesday morning.

At yesterday’s market close, the conglomerates’ shares finished flat at $37.46.

Let’s take a look at what news is surrounding the company.

What did Woolworths announce?

In a statement to the ASX, Woolworths advised that its chair, Gordon Cairns will retire after spending 7 years in the role.

The departure of Cairns will come into effect at the group’s Annual General Meeting (AGM) on 26 October 2022.

Scott Perkins who has been a non-executive director for 8 years with Woolworths will be appointed as the new chair.

A public company director with extensive Australian and international experience, Perkins brings a wealth of knowledge to the position. Previously, he was a leading corporate advisor on strategy, mergers and acquisitions and capital markets matters.

Perkins held senior executive leadership positions at Deutsche Bank from 1999 to 2013. These included managing director and head of corporate finance for Australia and New Zealand, membership of the Asia Pacific corporate and investment bank management committee and CEO of Deutsche Bank New Zealand.

He is also serving as chair of energy giant, Origin Energy Ltd (ASX: ORG) since October 2020 and Brambles Ltd (ASX: BXB) since June 2015.

Words from the board

Woolworths outgoing chair, Gordon Cairns commented:

It has been a privilege to be the chair of Woolworths Group for the last seven years.

I am proud of the work that the team and directors have achieved together in transforming Woolworths Group and delivering for our shareholders. Moreover, I am humbled to have been the chair of a purpose-led business dedicated to working towards a better tomorrow for our teams, customers and the community.

Cairns also went on to add:

We are fortunate to have someone of Scott’s ability and experience, respected by his colleagues and management, to provide the oversight required to allow the business to reach its full potential

According to the Australian Financial Review, Woolworths signed an agreement with Pact Group Holdings Ltd (ASX: PGH) to supply recycled plastic for its home brand products.

This could also weigh in on the Woolworths share price at market open today.

Woolworths share price snapshot

A challenging 12 months caused by rampant inflation has led the Woolworths share price to move in circles, down 5%.

Last month, its shares hit a 52-week low of $32.62 before quickly rebounding by around 15% in the weeks after.

As Australia’s largest supermarket chain, Woolworths commands a market capitalisation of roughly $45.22 billion.

The post Why the Woolworths share price will be on watch today appeared first on The Motley Fool Australia.

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Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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