Wrap Text
Succession of Group CEO
Woolworths Holdings Limited
(Incorporated in the Republic of South Africa)
Registration number: 1929/001986/06
Share code: WHL
ISIN: ZAE000063863
Bond company code: WHLI
("WHL or "the Group" or "the Company")
SUCCESSION OF GROUP CEO
The Board of Directors today announces that the Group Chief Executive Officer, Roy Bagattini, will be
retiring from the Company at the end of September 2026, following more than six years of dedicated
service to the WHL Group.
His retirement follows a period of careful consideration by himself and the Board, and forms part of a
comprehensive succession plan that has been in process for some time. Following significant progress
in the strategic repositioning of WHL, and given Roy's pending retirement, it is now the optimal time
to transition leadership as the Group continues to build on its strengthened foundations and prospects
for growth.
Under Roy's stewardship, the Group has materially strengthened its capital allocation framework and
disciplines and fundamentally enhanced its long-term growth and value creation prospects. The
transformational disposal of David Jones, and the deliberate shift in both capital and management
focus toward more returns-accretive strategies and businesses, has de-leveraged the Group's balance
sheet and enabled, amongst other things, increased investment in the Company's core South African
assets. This includes the successful acquisition of Absolute Pets, the launch of Woolworths Ventures,
and the first share buyback programme in the Group's history. During his tenure, Roy has also overseen
the repositioning of the apparel businesses, improving their longer-term competitiveness, thereby
ensuring they are now well placed to contribute more meaningfully to value unlock for the Group.
Through his purpose-centred leadership, he has also championed the Company's work in Inclusive
Justice, reinforcing the organisation's commitment to contributing positively to the broader social and
economic fabric of the communities in which we operate.
The Board expresses its sincere appreciation to Roy for his principled leadership and unwavering
commitment to the Group.
The succession process for a new Group CEO entailed a diligent review of both internal and external
candidates. The Group has a wealth of deep talent, and the Board is delighted to confirm the
appointment of an internal successor, being Sam Ngumeni, as the new WHL Group CEO with effect
from 1 June 2026. Sam's appointment is made in accordance with the WHL Appointment of Directors
Policy.
Roy will step down from his roles as Group CEO and executive director with effect from 31 May 2026,
but will work closely with Sam, to ensure a smooth and effective handover during the transition period.
Sam has an exemplary track record, having been with the Group for almost thirty years, and serving as
an Executive Director of WHL since 2014. He is currently the Chief Executive Officer of the Food
division, having previously held various Senior Executive positions across the Group, including that of
Group Chief Operating Officer, Group Director: HR & Transformation, and CEO of Woolworths Financial
Services. Sam is also a member of WHL's Risk, Information and Technology Committee, the
Sustainability Committee, and the Social and Ethics Committee. He also serves on the Boards of the
Group's major subsidiaries being Woolworths (Pty) Ltd and Country Road Group (Pty) Ltd.
Since assuming the role of CEO of the Food division, Sam has successfully led the business's continued
above-market performance and further strengthened its leadership in premium food retailing in the
country. During his time as Group Chief Operating Officer, he had overall responsibility for the Group's
Supply Chain and Logistics, Stores, Information Technology, Online and Digital, AI, Data and Analytics
Real Estate and the Rest of Africa operations. During this time, Sam led many key strategic initiatives
which delivered growth, efficiencies, reduced costs and improved levels of customer service. His
breadth of experience across both the South African and Australian operations, his strong
understanding of the Group and its component parts, and deep operational expertise, positions him
exceptionally well to lead the Group in this next and important phase of its strategic journey.
The Chairman, Clive Thomson, said: "Sam has extensive experience across various roles and functions
within the Group and a proven ability to set clear strategic priorities and execute effectively against
these. He is a principled and highly respected executive, able to inspire and empower leadership teams
to deliver on key strategic and operational initiatives across our businesses. His deep institutional
knowledge, commercial acumen, and strong capability to drive performance will be invaluable as the
Group further intensifies its execution in a rapidly-evolving retail environment".
Sam, incoming Group CEO, said: "I am deeply honoured to be appointed as Group CEO of this iconic
Company, and one which is held in such high regard in our country. I would like to thank Roy for his
stewardship over the past six years and thank the Board for the confidence they have placed in me. I
feel a profound sense of responsibility in leading this business in the next phase of its growth trajectory
and am truly excited about the opportunities and challenges that lie ahead for us".
The Board congratulates Sam on his appointment and looks forward to his leadership of the WHL
Group into the future.
Cape Town
12 March 2026
Debt and Equity Sponsor
Investec Bank Limited
Date: 12-03-2026 08:45:00
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