George Weston Limited and Loblaw Companies Limited Announce Management Succession

TORONTO and BRAMPTON, ON, Jan. 19, 2017 /CNW/ - George Weston Limited (TSX:WN) and Loblaw Companies Limited (TSX:L) today announced the following management changes, effective immediately:

• Galen G. Weston has been appointed Chairman and Chief Executive Officer (CEO) of George Weston Limited. Mr. Weston will continue in his role as Chairman and CEO of Loblaw.
• Paviter S. Binning will be leaving George Weston and has been appointed Special Advisor to the Weston family at its private company Wittington Investments, Limited.
• Luc Mongeau has been appointed President, Weston Foods.
• Sarah Davis has been appointed President, Loblaw.

Galen G. Weston became Chairman of George Weston last September, succeeding his father W. Galen Weston, who stepped down at the age of 75 after over four decades leading George Weston. With his appointment today as Chief Executive Officer, Mr. Weston succeeds Pavi Binning, who will become special advisor to Wittington Investments, Limited, owned by the Weston family. Mr. Binning will step down from the George Weston and Loblaw boards of directors.

"Pavi has played a pivotal role in shaping the company's strategic direction," Mr. Weston said, "and he has provided strong support through the leadership succession process which we have just completed. Our family looks forward to continuing to benefit from his valuable experience and insight with our other business interests."

Mr. Binning said, "After seven successful years at George Weston, I am looking forward to continuing to support the Weston family in other areas."

Luc Mongeau, newly appointed President of Weston Foods, is a seasoned consumer goods executive with extensive branding, product development, operations and P&L management experience in food, chocolate and petcare categories. Over a 15-year career at Mars, his roles included leading the Canadian business, Mars Petcare's multi-billion dollar North American business and setting the global strategic and marketing direction for some of Mars' leading Petcare brands.

Mr. Weston said, "Luc is a high-caliber executive with global experience who will focus on building the Weston Foods business. I very much look forward to working with him."

Sarah Davis will assume responsibility for the day-to-day operation of Loblaw's business and execution of its strategy. Ms. Davis will report to Mr. Weston as he continues in his role as Chairman and Chief Executive Officer of Loblaw. Richard Dufresne, Chief Financial Officer of George Weston and Loblaw, will continue to report to Mr. Weston.

Since 2014, Ms. Davis has served as Chief Administrative Officer, responsible for Supply Chain, IT (including SAP implementation), Process and Efficiencies, Real Estate, Goods Not for Resale and Strategy. Prior to that, she served as Chief Financial Officer of Loblaw, appointed in 2010.

"I am extremely pleased to welcome Sarah to the role of President. She has an exceptional understanding of Loblaw. This, together with her strong financial background, particularly in operational roles, positions her well for this expanded leadership role," said Mr. Weston. "I look forward to continuing to work closely with Sarah and the whole management team in the years ahead as we focus on delivering the best in food, best in health and beauty, operational excellence and growth."

The rest of the broader management teams at George Weston and Loblaw remain unchanged.

About George Weston Limited

George Weston Limited is a Canadian public company founded in 1882 and through its operating subsidiaries constitutes one of North America's largest food processing and distribution groups. George Weston Limited has two reportable operating segments: Weston Foods and Loblaw, which is operated by Loblaw Companies Limited. The Weston Foods operating segment is primarily engaged in the baking industry within North America.  Loblaw is Canada's largest food distributor and a leading provider of general merchandise, drugstore and financial products and services.

About Loblaw Companies Limited

Loblaw Companies Limited is Canada's food and pharmacy leader, the nation's largest retailer, and the majority unitholder of Choice Properties Real Estate Investment Trust. Loblaw provides Canadians with grocery, pharmacy, health and beauty, apparel, general merchandise, banking, and wireless mobile products and services. With more than 2,300 corporate, franchised and Associate-owned locations, Loblaw, its franchisees, and Associate-owners employ approximately 192,000 full- and part-time employees, making it one of Canada's largest private sector employers.

SOURCE Loblaw Companies Limited