Leah Weckert to become the first woman to run Coles as CEO Steven Cain retires

The supermarket chain says inflation is starting to ease and food costs may start to come come down

• Follow our Australia news live blog for the latest updates
• Get our morning and afternoon news emails, free app or daily news podcast

Leah Weckert will become the first woman to run Coles in its 109-year history when she takes over from retiring chief executive Steven Cain on 1 May, as the supermarket chain emerges from a period marked by pandemic supply disruptions and high food costs.

Weckert, who will be paid an annual salary of $2m plus a range of incentives, has held a series of high-level roles at Coles since 2011, including chief financial officer. The supermarket chain is one of Australia’s biggest companies, ranked in the top 20 on the stock exchange.

Sign up for Guardian Australia’s free morning and afternoon email newsletters for your daily news roundup