Brad Banducci, head of Woolworths, has announced his resignation amid scrutiny over alleged price gouging tactics used by the Australian supermarket giant.
Pressure on the chief minister increased this week after what was widely described as a disastrous interview.
Mr. Banducci defied the line of questioning and then walked away, ignoring reporters.
Australia has one of the most concentrated grocery markets in the world.
Woolworths, the country’s biggest retailer, and its rival Coles control 65% of the market, and both have faced intense criticism over their business models as the country grapples with a cost of living crisis.
Woolworths Group announced on Wednesday in a statement to the Australian Securities Exchange (ASX) that Mr Banducci will retire in September.
The 59-year-old has been with the company for 13 years, including eight years leading its executive team.
“History will judge that Brad was:” [the firm’s] He’s the greatest leader we’ve ever had,” said Scott Perkins, chairman of the board.
He will be succeeded by Amanda Bardwell, the company’s head of e-commerce.
Woolworths Group owns a range of businesses across Australia and New Zealand, including discount department store Big W, liquor chain BWS and New Zealand grocery chain Countdown.
In the ASX statement, the company also announced a huge first-half profit of A$929m (£482m, $608m), due in part to higher margins in its food business.
However, the company overall recorded a loss of A$781 million due to write-downs of the two businesses.
This comes as the supermarket chain faces multiple parliamentary inquiries into its pricing practices and a new probe from the country’s competition watchdog.
On Monday night, the Australian Broadcasting Corporation aired an investigation accusing both Coles and Woolworths of price gouging and unfair dealings with suppliers and farmers.
Four Corners reporter Angus Grigg spoke to insiders, experts and heads of both supermarkets and said Mr Banducci’s reaction was “astonishing”.
“It was a pretty basic question… and the fact that he bristled so badly when asked if there was enough competition going on in Australia was that they weren’t actually used to being under so much scrutiny.” It shows that there is no such thing.”