Loblaw has just announced a new CEO.

On April 18, the company announced that current CEO Galen Weston Jr. will be stepping down from the role and will be replaced by Per Bank, the company’s new president and CEO.

According to the release, the company has been in search of a new CEO since August 2022.

Bank brings with him three decades of experience in retail. He’s the outgoing CEO of Salling Group A/S, the largest retailer in Denmark that owns 1,700 multi-banner supermarkets across three countries.

Some of the brands under Salling Group A/S include Bilka, Føtex, and discount supermarket Netto.

Per Bank/Salling Group

According to the Salling Group website, Bank has been the CEO since 2012. Prior to that position, he was commercial director of general merchandise, clothing, telecom and online for Tesco UK.

The company is also one of Denmark’s largest private-sector employers.

Bank is set to assume the role in the first quarter of 2024.

“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,” said Weston Jr. “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.”

Although Weston Jr. will no longer be the CEO, he’ll still remain chair of the Loblaw board of directors. He’ll also continue to be chair of the board of directors and CEO of the parent company, George Weston Limited.

Loblaw has been criticized by the public for its soaring food prices, with Weston Jr. being called to testify before a House of Commons committee.

Canadians were enraged when Weston Jr. stated that grocery food companies weren’t responsible for inflation and rising food prices.

“No matter how many times you read it on Twitter, the idea that grocers are causing food inflation is not only false, it’s impossible,” he said.

A report showed that Loblaws made a profit of $529 million in the last three months of 2022.

With files from Amir Ali and Isabelle Docto

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