Woolworths said on Wednesday that its Chief Executive Grant O'Brien would retire after nearly four years at the helm of the Australian supermarket company, which is searching for a replacement.
O'Brien's retirement comes as the supermarket looks to lower prices and improve in-store experience to lure back customers and fight stiff competition from Wesfarmers-owned Coles and Germany's Aldi amid declining sales.
Last month, it announced a strategic plan to grow the business, cut costs and drive shareholder returns after first-half profit dropped.
"The recent performance has been disappointing and below expectations. I believe it is in the best interests of the company for new leadership to see these plans to fruition," O'Brien said in a statement.