BRAMPTON, ON, April 18,
2023 /CNW/ - George Weston Limited ("George Weston")
(TSX: WN) and Loblaw Companies Limited ("Loblaw") (TSX: L) jointly
announced today the appointment of Mr. Per
Bank as President and Chief Executive Officer of Loblaw. Mr.
Bank will formally join the company by Q1 2024. The appointment
follows a global talent search initiated in August 2022 in anticipation of Robert Sawyer's planned retirement as Loblaw's
Chief Operating Officer at the end of 2023. It
comes after two years of superb performance at the company as
it executed against a strategy anchored in retail
excellence.
"Over the past two years, we have strengthened the foundations
of the company. Our management team is exceptional, and
our 220,000 colleagues continue to deliver for our customers
every day," said Galen G.
Weston. "In Per we have found a world-class
retail executive to help us build from that position of
leadership and strength, and to continue on that journey."
Mr. Bank is a 30-year career retailer with deep expertise in
retail operations and supply chain. He is the outgoing Chief
Executive Officer of Salling Group A/S, the largest retailer in
Denmark, with 1,700 multi-banner
supermarkets across three countries, supported by strong
e-commerce, loyalty, and private-brand programs, and having one of
Denmark's largest private-sector
workforces.
Upon commencing the role of President and Chief Executive
Officer, Mr. Bank will be responsible for Loblaw's day-to-day
operations, and he will report to Loblaw's Board of Directors.
Galen G. Weston will remain Chair of
the Loblaw Board of Directors, as well as Chair of the Board of
Directors and Chief Executive Officer of parent company, George
Weston Limited – where he will play an active role setting the
strategy for the group. Richard
Dufresne will continue as Loblaw's Chief Financial Officer
and President and Chief Financial Officer of George Weston
Limited. Robert Sawyer will remain as Chief Operating Officer
until the end of the year, helping to deliver Loblaw's 2023 plan
while setting up a successful transition for Mr. Bank.
"Robert, Richard and I have worked side by side with our
management teams to improve Loblaw's performance. Per is an
exceptional executive with a decades-long track record of
delivering retail excellence and successful growth –
enabling a smooth transition for our teams," said Weston.
"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."
"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."
Loblaw will host an investor call and audio webcast on
Tuesday, April 18, 2023 at
8:30 a.m. (EDT) to discuss today's
announcement. To access the conference call, please dial (416)
764-8688 or 1-888-390-0546. The playback will be made available
approximately two hours after the event at (416) 764-8677 or
1-888-390-0541, Access Code: 646963#. To access via audio webcast,
please visit the "Investor" section of www.loblaw.ca.
Pre-registration will be available.
About George Weston Limited
George Weston Limited is a Canadian public company founded in 1882.
The Company operates through its two reportable operating segments,
Loblaw Companies Limited and Choice Properties Real Estate
Investment Trust. Loblaw provides Canadians with grocery, pharmacy,
health and beauty, apparel, general merchandise, financial services
and wireless mobile products and services. Choice Properties owns,
manages and develops a high-quality portfolio of commercial and
residential properties across Canada.
About Loblaw Companies Limited
Loblaw is Canada's food and
pharmacy leader, and the nation's largest retailer. Loblaw provides
Canadians with grocery, pharmacy, health and beauty, apparel,
general merchandise, financial services and wireless mobile
products and services. With more than 2,400 corporate, franchised
and Associate-owned locations, Loblaw, its franchisees and
Associate-owners employ more than 221,000 full- and part-time
employees, making it one of Canada's largest private sector employers.
Loblaw's purpose – Live Life Well® – puts first the needs and
well-being of Canadians who make one billion transactions annually
in the company's stores. Loblaw is positioned to meet and exceed
those needs in many ways: convenient locations; more than 1,050
grocery stores that span the value spectrum from discount to
specialty; full-service pharmacies at nearly 1,400 Shoppers Drug
Mart® and Pharmaprix® locations and close to 500 Loblaw locations;
PC Financial® services; affordable Joe Fresh® fashion and family
apparel; and four of Canada's
top-consumer brands in Life Brand®, Farmer's MarketTM, no name® and
President's Choice®.
Forward Looking Statements
This press release may contain forward-looking information within
the meaning of applicable securities legislation, including with
respect to the announced executive changes and corporate actions,
which reflects GWL's and Loblaw's current expectations regarding
future events. Forward-looking information is based on a number of
assumptions and is subject to a number of risks and uncertainties,
many of which are beyond GWL and Loblaw's control that could cause
actual results and events to differ materially from those that are
disclosed in or implied by such forward-looking information. Such
risks and uncertainties include, but are not limited to, the
factors discussed in GWL's and Loblaw's respective current Annual
MD&A and Annual Information Form, each of which are available
on SEDAR at www.sedar.com. GWL and Loblaw do not undertake any
obligation to update such forward-looking information, whether as a
result of new information, future events or otherwise, except as
expressly required by applicable law. All forward-looking
statements contained in this press release are made as of the date
hereof and are qualified by these cautionary statements.
SOURCE George Weston Limited