Galen Weston Jr. is stepping down as Loblaw president and chairman next year.
Loblaw Companies Limited made the announcement Tuesday morning in a press release.
Long-serving Danish retail executive Per Bank will become the company’s next president and chief executive by the first quarter of 2024.
Bank currently serves as the CEO of Danish retail chain Salling Group A/S which manages over 1,700 supermarkets across three countries in Europe.
According to the major Canadian grocer chain, the changes are a result of the global talent search that began in Aug. of 2022, ahead of Robert Sawyer’s planned retirement as chief operating officer in the final stretch of 2023.
READ MORE: Canadian grocery store CEOs to testify on rise of food prices in Parliament
“It comes after two years of superb performance at the company as it executed against a strategy anchored in retail excellence,” Loblaw said in the news release.
Weston has been president of Loblaw since 2021 after Sarah Davis retired from the position.
However, he will remain Chair of the Loblaw Board of Directors and Chair of the Board of Directors and Chief Executive Officer of parent company, George Weston Limited.
“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,” Weston said in the news release.
“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,” he continued.
Loblaw’s announcement follows months of criticism from political leaders and the public about elevated food prices at the grocery chain.
Last month, the CEOs of big grocers across the country were summoned to the House of Commons to testify about the rising grocery prices.
They were accused of allegedly profiting off inflation while consumers struggled to purchase basic foods in the current challenging economy.
Weston, Michael Medline, CEO of Empire Cos. Ltd., and Eric La Flèche, CEO of Metro, were all in question at the hearing.
The CEOs, including Weston,said they were not price-gouging and not profiting from inflation, despite reports of increased salaries earned by grocer leads.
Following this morning’s announcement, Canadians are flooding socials to share their thoughts on Weston leaving the top job.
One Twitter user believes the move was made to relieve public pressure towards Weston.
While another says the change is a result of plummeting sales.
Some also raised questions about if Bank will make the same salary.