Galen Weston will stay as Loblaw chairman but is handing over the reins of president with retail exec Per Bank hired as next CEO. Read more.
The company said the change is a response to the upcoming retirement of Robert Sawyer, Loblaw’s chief operating officer, who has been running the retail business for two years. Weston took back the reins at Loblaw in 2021 and recruited Sawyer out of retirement. Since then, Loblaw has credited Sawyer, the former COO of Metro Inc. and CEO of Rona Inc., with delivering “two years of superb performance.” In 2022, the company’s adjusted net profits jumped about 18 per cent year over year to $2.
With Sawyer, 70, slated to return to retirement at the end of 2023, Loblaw launched a search for a “slightly younger version of Robert” to take over the business, chief financial officer Richard Dufresne told analysts. “If you could find a Robert Sawyer who was 55, that would be an ideal combination. In Per, we think we found that,” Weston said. “This is not a sharp left turn. This is about evolution and building.”Bank’s new title, as CEO, could represent a shift in power dynamics at Loblaw. Traditionally, Loblaw hasn’t had a chief executive, only a president.
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