(Brampton) Galen Weston is stepping down from the day-to-day operations of Loblaw Companies as part of a senior leadership shake-up that will see a European retail executive take over as president and CEO.

Canada’s largest grocery and drugstore chain announced on Tuesday that the chief executive of Denmark’s leading food retailer, Salling Group, Per Bank, will join the company by the first quarter of 2024.

In 2012, Mr Bank became the fourth chief executive of the more than a century-old Salling Group. The company operates department stores, supermarkets and discount stores. Under his tenure, Salling Group grew its market share by more than 20%, Loblaw noted.

As part of this hire, Mr. Weston will step down as Chairman, which he has held since Sarah Davis retired in 2021. He will remain Chairman of Loblaw and Chairman and Chief Executive Officer of the company. of portfolio George Weston.

” I do not go. I’m going back to what I see as my natural role as controlling shareholder,” Weston said on a conference call with analysts.

“The bottom line is that this is not a sharp turn,” he added. It is an evolution and a construction on the basis of the platform that has been established. »

Meanwhile, Loblaw Chief Operating Officer Robert Sawyer, who came out of retirement in 2021 to take on the role, plans to retire again at the end of the year.