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Masters marketing GM departs after just 13 months as Woolies JV continues to bleed cash

MastersMasters head of marketing, Dion Workman, has abruptly departed the troubled home improvement chain after just 13 months in the role, Mumbrella can reveal.

Workman joined the company in October last year as general manager of marketing after a three and a half year spell at Kmart.

He has been replaced at Masters by Luke Dunkerley, Woolworths general manager of corporate marketing.

“Masters can confirm the resignation of its general manager of marketing Dion Workman. We thank Dion for his contribution to Masters and wish him well going forward,” a spokeswoman said.

Masters, a joint venture between Woolworths and US-based Lowe’s, has been a cash drain for both investors since the brand launched in Australia in 2011 as a competitor the Wesfarmers-owned Bunnings.

Deutsche Bank earlier this month estimated Masters lost $67.5m before tax in the first quarter of the 2016 financial year compared to the $57m deficit in the corresponding quarter last year.

The business is said to heading for a full year loss of $290m which is likely to worsen to $355m in 2017. Such figures dampened any optimism following the Masters’ first quarter sales figures which showed a 23.5 per cent increase to $294m.

Some analysts believe Woolworths should cut its losses and sell the 62-store chain which has been blamed for some of the supermarket’s wider woes.

An update on the future of Masters is expected at today’s meeting of Woolworths annual general meeting.

Steve Jones 

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