TEG has announced a major change to its leadership.
Current head Geoff Jones will take on the new role of chairman, while former Woolworths chief Brad Banducci will move into the CEO role.
With this game of musical chairs, confirmed late Wednesday, March 12, Jones ends his stint as CEO of the technology, ticketing and live events specialist at 14 years.
South Africa-born Banducci boasts a CV stuffed with 30 years of leadership experience in the retail and consumer sectors, most recently as CEO of Woolworths Group, the market leader in Australia’s competitive supermarket industry.
“I am honoured to join TEG at this exciting time in its journey,” Banducci comments. “Under Geoff’s leadership, the company has built a strong foundation, and I look forward to working in partnership with Geoff, Cameron Hoy, our investors Silver Lake, Mercury Capital and Australian Super, and the broader TEG Team, to deliver exceptional live experiences for all of our customers and stakeholders.”
Banducci will be familiar to newshounds for an unfortunate viral moment in February 2024 when he walked out of an interview with the ABC’s Four Corners, part of an investigation into allegations of price gouging by the big two supermarkets. In the same week, Banducci announced his retirement from Woolworths after eight years at the helm, during which time the business nabbed outright No. 1 status from Coles.
In this new role with TEG, he continues, “I am following both a personal passion for live events and a strong belief in the increasing importance of live experiences in general.”
It’s the end of an era for TEG and Jones, who was awarded the Order of Australia Medal for “service to business, and to the entertainment industry.”
Jones is the architect of TEG’s integrated model, and helped turn TEG into a global powerhouse operating across ticketing, live entertainment and technology, including its data analytics business.
TEG’s Ticketek now shifts more than 20 million tickets to events in Australia and New Zealand each year, and the brand has expanded into Asia and the United Kingdom. It’s one of more than 30 businesses under its global umbrella.
TEG also produces SXSW Sydney, which returns for this third annual edition from October 13-19.
“I am delighted to pass the baton to Brad, whose proven track record makes him the ideal leader to guide TEG into its next phase,” comments Jones. “As chairman, I look forward to working with Brad and the team to continue to grow the business.”
Before he marshalled concerts, Jones served for 16 years in the Australian Defence Force, climbing his way through the ranks to lieutenant-colonel.
After leaving the armed forces in 1998, Jones logged four years with entertainment marketing firm IMG as a director, then another four years as national sales director of Foster’s.
Jones’ association with TEG began in 2007 when he was appointed CEO of Ticketek. There, he spent three years growing Ticketek’s market share, partnerships and ticketing technology innovation.
TEG Group is owned by Silver Lake, a U.S.-based private equity company which specialises in technology investing, through a deal struck in 2019 worth more than $1.3 billion.
The Australian Financial Review’s column reported last month that Banducci was among those being considered for the top job and was interviewed when Silver Lake managing director Stephen Evans visited Sydney on business.
Per the AFR, TEG’s current chief operating officer Cameron Hoy was also being considered to take on Jones’ position.
Silver Lake is expected to tell its investors of Banducci’s appointment late on Thursday.
