Page last updated at 06:35 GMT, Tuesday, 12 August 2008 07:35 UK

New boss for troubled Woolworths

Woolworths store
Woolworths's former boss quit as sales sank at the group

Retailer Woolworths has named former Focus DIY chief executive Steve Johnson as its new boss.

Mr Johnson, 44, will replace Trevor Bish-Jones who announced his resignation from the post in June.

Mr Johnson said he would be focusing on "value creation for all stakeholders" when he joins the firm in September.

Woolworths has been suffering from a decline in sales. Last month it said same-store sales fell 6.7% in the six weeks to 26 July.

The retailer said it was "delighted" that Mr Johnson was joining the company.

"His strong background in both retail and consultancy, together with his particular experience in achieving a turnaround at Focus, he brings the strategic and operational skills that the Group needs to help it move to the next stage of its development," it added.

Under the terms, of his contract Mr Johnson will be paid 550,000 a year and is also eligible for a performance and targets bonus worth up to 50% of salary.

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