He was retiring anyway having been with Woolies for around 8 years. They already had a replacement chosen which they've announced. Amanda Bardwell, head of loyalty and e-commerce, will succeed him as chief executive in September.
He's not broke and he's improved Woolies performance after their disastrous foray into hardware with Masters Home Improvement.
Quote news: With a $7.7 million salary last year, some expect him to become more focused on his own investments.
Already, Banducci has some in his name.
These include a corporate entity known as Alba-Petrus, named after the family’s cats, and Cinderella Management. He also has some direct investments. One is in Fleet Space Technologies, an AFR Fast 100 company, which maps sub-surface composition from space with the aim of making drilling for mining more accurate.
“After doing Tyro, I’m just passionate about entrepreneurs and their visions. To be a PhD, a rocket engineer moving from Italy to Adelaide, you want those people to succeed and to build an aerospace industry in Adelaide,” Banducci says of Fleet Space, which is backed by Harbour Capital, a private equity firm run by his brother Guy.
Banducci also owns shares in SpaceX, the spacecraft business run by Tesla billionaire Elon Musk.
Another investment is high-end ice provider Bare Bones, a brand stocked by Endeavour’s BWS and Dan Murphy’s chains as well as bars and restaurants. “Brad is extremely supportive, the very best investor we could ever find,” says founder Damien Liot. The Banduccis also have a portfolio of Sydney property, including three North Bondi apartments. Banducci and his wife Anna Dudek also have properties in Sydney’s inner east, including a $6.8 million Redfern warehouse and a Surry Hills apartment bought for $3.8 million in 2013.
