Galen Weston is stepping back from day-to-day operations of Loblaw Companies Ltd. in a senior leadership shuffle that will see a European retail executive take over as president and CEO.

CanadaB次元官网网址檚 largest grocer and drugstore chain said Tuesday the chief executive of DenmarkB次元官网网址檚 leading grocery retailer Salling Group A/S, Per Bank, will join the company in early 2024.

The hiring will see Weston step aside from the president role, which he took on in 2021 when Sarah Davis retired from the job. He will remain chairman of Loblaw and chairman and CEO of holding company George Weston Ltd.

B次元官网网址淚B次元官网网址檓 not leaving. IB次元官网网址檓 stepping back into what I consider to be my natural role as the controlling shareholder,B次元官网网址� Weston said during a call with analysts.

B次元官网网址淭he takeaway here is this is not a sharp left turn,B次元官网网址� he said. B次元官网网址淭his is about evolution and building on the platform thatB次元官网网址檚 been established.B次元官网网址�

Weston took on the role of president just as Canada entered a sustained period of high inflation. Food costs have risen at the fastest rate in decades.

Higher grocery prices have largely been attributed to supply chain disruptions, extreme weather, soaring input costs and RussiaB次元官网网址檚 invasion of Ukraine. But some Canadians have questioned whether competition factors or so-called greedflation by grocers have also played a role.

ItB次元官网网址檚 an accusation most often levelled at Loblaw, as the countryB次元官网网址檚 biggest operator, and more specifically at Weston.

Industry experts have noted that while the claims may be unfounded, having the wealthy scion of a powerful family empire as the face of the grocer B次元官网网址� as some Canadians struggle to buy food B次元官网网址� is part of the perception problem.

Meanwhile, Bank worked his way up through the retail sector ranks over the last three decades.

He started in supply chain operations and eventually became CEO of Scandinavian retail chain Coop Norden.

In 2012, Bank became the fourth CEO of the more than century-old Salling Group, which operates department stores, supermarkets and discount stores.

Under his tenure, the company has grown its market share by more than 20 per cent, Loblaw said.

B次元官网网址淲e needed somebody who had deep retail knowledge, retail pedigree and retail excellence,B次元官网网址� Weston said. B次元官网网址淭hatB次元官网网址檚 what we built the success of LoblawB次元官网网址檚 performance over the last few years on, and (Bank) rang the bell in every way on that.B次元官网网址�

The global search for a new president and CEO was launched last August, which resulted in a shortlist of five candidates, he said.

B次元官网网址淲e took our time with this process B次元官网网址� and (Bank) was the clear standout,B次元官网网址� Weston said, noting that the parallels between Loblaw and Salling Group are B次元官网网址渜uite remarkable.B次元官网网址�

B次元官网网址淗e has extensive experience working for a controlling family, and understands what that relationship needs to be in order for a partnership to be successful,B次元官网网址� he said.

B次元官网网址淗e has been leading an organization that has an outsized cultural and financial place inside his country and thatB次元官网网址檚 the case for Loblaw,B次元官网网址� Weston said. B次元官网网址淲eB次元官网网址檙e a big company in a small country.B次元官网网址�

RBC Dominion Securities Inc. analyst Irene Nattel said Bank is B次元官网网址渁 strong operator with a deep background in multi-channel food retail across geographies.B次元官网网址�

B次元官网网址淏ank will be taking the helm of a Loblaw enjoying strong momentum and results, well-positioned against the backdrop of high prices and value-seeking, cash-squeezed consumers,B次元官网网址� she said.

Meanwhile, Loblaw chief operating officer Robert Sawyer B次元官网网址� who came out of retirement to take on the role in 2021 B次元官网网址� plans to retire at the end of the year.

Sawyer worked for grocer Metro Inc. for more than 30 years, including in the role of executive vice-president and chief operating officer, before becoming president and chief executive of Quebec-based home improvement retailer Rona in 2013.

B次元官网网址淲ith RobertB次元官网网址檚 deserved retirement approaching, his shoes were always going to be hard to fill,B次元官网网址� Loblaw chief financial officer Richard Dufresne told analysts.

B次元官网网址淗owever, having spent some time with (Bank), itB次元官网网址檚 clear that he is a seasoned grocery retailer with a broad and deep skill set, much like a slightly younger version of Robert.B次元官网网址�

Weston added: B次元官网网址滻f you could find a Robert Sawyer who was 55, that would be an ideal combination for us and here with (Bank) we think we found that.B次元官网网址�

B次元官网网址擝rett Bundale, The Canadian Press

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