Woolworths appoints new chief executive

One of the toughest jobs on the high street in the UK was filled today after Woolworths appointed former Focus DIY boss Steve Johnson as its chief executive.

Mr Johnson, who is 44 and will earn a basic salary of £550,000 (€703,474) a year, takes over from Trevor Bish-Jones at the start of next month.

In his previous role, which he held for four years until July 2007, Mr Johnson was credited with leading a turnaround of Focus DIY, following a review of trading formats and a supply chain overhaul.

His challenge at Woolworths will be to revive a business battered by competition from supermarkets and internet retailers.

Woolies recently said like-for-like sales fell 6.7% in the six weeks to July 26, with margins under pressure because a greater proportion of trade came from CDs and DVDs, rather than higher margin outdoor products and clothing.