Galen Weston will be replaced as Loblaw’s president and CEO starting next year, the company announced Tuesday.
A release says Weston is being replaced by Per Bank, CEO of Sailing Group, one of Denmark’s largest group of supermarkets. He will join the company starting in the first quarter of 2024.
“We have found a world-class retail executive [in Bank] to help us build from that position of leadership and strength, and to continue on that journey,” said Weston in the release.
“Coming from Salling, he arrives with a clear understanding of what it means to lead a nation’s largest retail network and team, and a family company established more than a century ago to help Canadians live life well.”
Once he starts at Loblaw, Bank will be responsible for its day-to-day operations and will report to Loblaw’s Board of Directors.
Galen G. Weston will, however, stay on as chair of the Loblaw board of directors. He will also remain as chairman of the board and CEO of George Weston Ltd, a partner company of Loblaw.
“Loblaw is admired worldwide for its sound values, long history of innovation, and the strong execution that has made the company what it is today,” said Bank.
“I am truly excited to join the team and build on the ongoing success of my future colleagues.”