Canadians react to Loblaw CEO Galen Weston stepping down, amidst soaring grocery prices

Many Canadians have taken to social media to celebrate, lament after Loblaw announced that their current CEO Galen Weston will be replaced by a Danish retail executive Per Bank starting next year.

In a press release on Tuesday morning, the company announced that Bank will join the company by 2024 followed by a “global talent search initiated” by the company in August 2022.

“It comes after two years of superb performance at the company as it executed against a strategy anchored in retail excellence,” Loblaw said.

This news comes after it was revealed that Weston received a 55 per cent raise in 2022 after consultants thought he was “underpaid”.

Weston will remain chairman of Loblaw and chairman and CEO of holding company George Weston Ltd.

“I’m not leaving. I’m stepping back into what I consider to be my natural role as the controlling shareholder,” Weston said during a call with analysts.

“The takeaway here is this is not a sharp left turn,” he said. “This is about evolution and building on the platform that’s been established.”

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.

~WakenyaCanada