COLES reshuffles top management at supermarkets

According to reports in the Australian press, Coles Group has undertaken a wide ranging restructuring of top management positions at its supermarket business. The retailer has come under the scrutiny of the Australian Securities and Investments Commission (ASIC) over the disputed contents of a first-quarter sales announcement on November 15 relating to its Bi-Lo stores. The management changes were announced in an internal email to senior staff at the end of last week, with the new positions effective immediately. The internal announcement said Peter Merritt had been made the managing director of supermarket merchandise, while Alan Steele would become general manager of supermarket operations. It also said spending on non-urgent projects had been put on the backburner in supermarkets and liquor, and the funds would be diverted to capital spending on a series of operational programmes - including a revamp of fresh food sections to try to rejuvenate sales growth. A series of other management changes were also announced across the supermarkets and liquor unit, while a plan to build supercentres housing Coles supermarkets and Kmarts under one roof has been put on hold for the present.