Woolworths CEO Responds to Australia Critics: You Were Right

Woolworths Holdings Ltd. Chief Executive Officer Ian Moir said his critics have a point when they say he made a mistake with a $2 billion swoop for Australia’s David Jones chain five years ago -- but insists the worst is over.

“They were right,” he said in an interview at the South African retailer’s headquarters in central Cape Town. “I regret the price, and buying it at that time -- hindsight is a wonderful thing -- but I think we have a great asset now.”