Woolworths: Australian grocery boss quits amid price-gouging claims

Woolworths boss Brad Banducci has announced his resignation, amid scrutiny over alleged price-gouging tactics used by the Australian supermarket giant.

The pressure on the chief intensified this week after what has widely been described as a disastrous interview.

Mr Banducci walked out on a reporter after bristling over the line of questioning.

Australia has one of the world's most concentrated grocery markets.

Woolworths and its rival Coles control 65% of the market, and both have been facing intense criticism over their business models as the country battles a cost-of-living crisis.

In a statement to the Australian Stock Exchange (ASX) on Wednesday, Woolworths Group announced Mr Banducci would retire in September.

The 59-year-old has spent 13 years at the company, eight of them at the helm.

"History will judge Brad to have been one of [the firm's] finest leaders," board chair Scott Perkins said.

He will be succeeded by the company's head of e-commerce Amanda Bardwell.

Woolworths Group - which is the nation's largest retailer - owns an array of business across Australia and New Zealand, including discount department store Big W, liquor chain BWS, and the New Zealand grocery chain Countdown.

In the ASX statement, the company also announced a massive overall loss of A$781m ($511; £405) due to write-downs in the value of two of its businesses.

However overall profits were up by 2.5%, thanks to a jump in revenue.