A former Woolworths chief executive has repeated his calls for new leadership at Australia's largest alcohol retailer, saying the current CEO is part of the problem.
Roger Corbett, the CEO of Woolworths from 1999 to 2006, appeared at the Endeavour Group annual general meeting on Tuesday to lament the Woolworths spin-off's lagging share price.
"If you say, as you are, there are no problems, we're trying to fix a few little things - you have indeed become the problem. And you have ... disenfranchised yourself as our chairman," Dr Corbett told Endeavour Group chairman Peter Hearl as he called for his immediate resignation.
"You sir, should go immediately and let someone else take the chair, who does recognise that we have serious problems, surely a prerequisite to fixing them."
Dr Corbett accused Mr Hearl of not having the experience and skills to turn around the company, saying the Dan Murphys and BWS bottle shop owner had issues that "are urgent and damaging our business seriously ... on a day-to-day basis."
Mr Hearl dryly thanked Dr Corbett for his "kind words" and noted Dr Corbett's close ties to the family of Bruce Mathieson, the billionaire pub baron who owns a large stake in Endeavour and is also dissatisfied with its leadership.
Mr Mathieson's ally Bill Wavish failed in his bid to win a board seat, with 28 per cent of all votes cast to support him and 72 per cent opposed. The board had opposed his nomination.
The company remuneration report was easily adopted, with 90 per cent voting in favour.
Mr Hearl defended Endeavour's financial performance, saying the COVID-19 pandemic made comparisons to past years difficult.
"The most meaningful comparison is FY19 and we've grown at a compound average growth rate of four per cent in our retail business and that's right in line with our nearest competitor," he said.
"So our market share is pretty much where it was pre-COVID. That's a fact."
Mr Hearl said Endeavour had faced significant costs in becoming a listed company and reopening its pubs after lockdowns, he had "never said it was business as usual" and had no intention of stepping down.
Earlier, Mr Hearl told shareholders the board shared their disappointment in Endeavour's share price, which last week slipped under $5 for the first time since the company was spun off from Woolworths in June 2021.
EDV shares closed Tuesday at $4.94, up 0.6 per cent from Monday but down from a peak last year of over $8.
Mr Hearl said the board was "laser-focused" in delivering shareholder value, but noted it faced regulatory uncertainty in the gaming sector beyond its control.
