JOHANNESBURG – Woolworths extended its losses on the JSE yesterday after the food and clothing retailer announced the surprise resignation of veteran banker Gail Kelly and businessperson Patrick Allaway as independent non-executive directors with immediate effect.
The group stock fell 3.29 percent to R45.80 at the JSE close yesterday, as the market digested the news just days after the departure of David Thomas, the chief executive of the Australian unit, David Jones (DJ), who quit citing personal reasons. On Thursday, Woolworths fell nearly 3 percent after the group announced Thomas’ abrupt resignation.
Equity Analyst at Argon Asset Management Bjorn Samuels said Allaway and Kelly’s resignations were concerning as they were effective immediately with no reasons given....
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