BRAMPTON, ON, March 23, 2021 /CNW/ - George Weston Limited
("GWL" or "George Weston") (TSX: WN) and Loblaw Companies Limited
("Loblaw") (TSX: L) jointly announced today the upcoming retirement
of Loblaw President, Sarah Davis, on
May 6, 2021. She will be succeeded by
Executive Chairman, Galen G. Weston,
who will become Chairman and President in addition to his current
role as Chairman and CEO at GWL. The companies also announced that
Robert Sawyer will join Loblaw as
Chief Operating Officer ("COO") and that Richard Dufresne, President and Chief Financial
Officer ("CFO") of GWL, will expand his responsibilities to include
becoming CFO of Loblaw on May 6,
2021.
"In light of George Weston's
strategic decision to focus on retail and real estate which was
announced today, Sarah and I agreed that now is the right time for
her to pursue her plans for an early retirement, which she first
shared with me upon becoming President in 2017," said Galen G. Weston. "Sarah has made an invaluable
contribution to the company and I appreciate her leadership over
the last 14 years. Her authentic, understated style, and commitment
to the potential of others, have been hallmarks of her time with
Loblaw. She has been an advisor and friend to many, especially to
me. We wish her well."
Sarah Davis has been with Loblaw
in positions of increasing responsibility since 2007, including
both CFO and CAO, during which time she played a crucial role in
transforming the company from a regionally managed grocer into an
omni-channel food, health, and wellness retailer with $52.7 billion in revenue. As President, Sarah led
the company to reduce costs by over $1
billion through innovative productivity improvements. She
established the company's leadership in data and analytics,
including the creation of Canada's
most loved loyalty program, PC Optimum. Her tenure included
Loblaw's bold expansion in financial services through the growth of
PC Financial's MasterCard, and the launch of the PC Money Account.
Most significantly Sarah championed an approach to leadership and
culture that put colleagues and customers first in pursuit of
helping Canadians live life well.
"After 14 years at Loblaw, I am immensely proud of what the
company has accomplished during my time here and look forward to
the next chapter," said Ms. Davis.
In returning to the role of Chairman and President, a position
he held from 2014 to 2017, Mr. Weston said, "The sale of Weston
Foods will allow me to dedicate renewed time and energy at Loblaw
as we increase our momentum in both our bricks-and-mortar network,
and our leadership in digital and data."
Regarding Mr. Sawyer's appointment as COO at Loblaw where he
will have responsibility for the company's retail divisions, supply
chain, and procurement, Mr. Weston said, "I am delighted that
Robert has made the decision to join the team at Loblaw. He brings
a keen understanding of our business and an extensive track record
of success. I look forward to Robert's contributions including his
commitment to developing the next generation of talent in the
organization."
Robert has spent over 40 years as a Canadian retail executive
including an extensive career at Metro where he was COO, as well as
a highly successful tenure as President and Chief Executive Officer
of Rona. He has served as a Director on the Board of GWL since
2016.
"Loblaw is Canada's leading
retailer with some of the most exciting assets in the industry,
including its loyalty and private label programs," said Mr. Sawyer.
"I am very much looking forward to joining the team."
As Mr. Dufresne expands his responsibilities to include CFO of
Loblaw, Mr. Weston said, "Richard is an exceptional executive with
extensive experience as a CFO. With George
Weston's decision to divest the bakery business, he now has
the capacity to return to the dual CFO role which he held between
2014 and 2017. I look forward to working with Richard as we
accelerate Loblaw's momentum in its core business and strategic
growth areas while increasing speed and agility in both
organizations."
As part of this transition, Darren
Myers will be leaving Loblaw after its Annual General
Meeting on May 6, 2021. "During his
tenure, Darren has been a financial steward of the organization,
actively worked to improve capital discipline across the company,
and contributed to Loblaw's enormous progress against its process
and efficiency agenda. He is a key member of the Management Board
and his collaborative leadership style drove improvements to the
finance function and the company's management system. I would like
to thank Darren for his contributions to the company as CFO over
the last three and a half years and to express appreciation for his
support over the coming weeks," said Mr. Weston.
About George Weston Limited
George Weston Limited is a Canadian public company founded in
1882. The Company operates through its three reportable operating
segments, Loblaw Companies Limited, Choice Properties Real Estate
Investment Trust and Weston Foods. Loblaw provides Canadians with
grocery, pharmacy, health and beauty, apparel, general merchandise,
financial services and wireless mobile products and services.
Choice Properties owns, manages and develops a high-quality
portfolio of commercial retail, industrial, office and residential
properties across Canada. The
Weston Foods operating segment includes a leading North American
bakery that offers packaged bread and rolls in Canada as well as frozen and artisan bread and
rolls, cakes, donuts, pies, biscuits and alternatives throughout
Canada and the U.S.
About Loblaw Companies Limited
Loblaw is Canada's food and
pharmacy leader, and the nation's largest retailer. Loblaw's
purpose – Live Life Well® – puts first the needs and well-being of
Canadians who make one billion transactions annually in the
company's stores which provide grocery, pharmacy, health and
beauty, apparel, general merchandise, financial services and
wireless mobile products and services. With more than 2,400
corporate, franchised and Associate-owned locations, Loblaw, its
franchisees and Associate-owners employ more than 190,000 full- and
part-time employees, making it one of Canada's largest private sector employers.
Forward Looking Statements
This press release may contain forward-looking information
within the meaning of applicable securities legislation, including
with respect to the announced corporate actions, which reflects
GWL's and Loblaw's current expectations regarding future events.
There can be no assurance regarding (a) the ability of GWL to
successfully conclude a sale of the Weston Foods business, (b) the
net proceeds to be derived from a sale, (c) the timing of such a
sale, (d) the impact of this announcement or GWL's ability to meet
its stated 2021 financial outlook, or (e) other risks inherent to
GWL or its operating segments' businesses and/or factors beyond its
control which could have a material adverse effect on GWL.
Forward-looking information is based on a number of assumptions
and is subject to a number of risks and uncertainties, many of
which are beyond GWL and Loblaw's control that could cause actual
results and events to differ materially from those that are
disclosed in or implied by such forward-looking information. Such
risks and uncertainties include, but are not limited to, the
factors discussed in GWL's and Loblaw's respective current Annual
MD&A and Annual Information Form and uncertainty related to the
ongoing COVID-19 pandemic. GWL and Loblaw do not undertake any
obligation to update such forward-looking information, whether as a
result of new information, future events or otherwise, except as
expressly required by applicable law. All forward-looking
statements contained in this press release are made as of the date
hereof and are qualified by these cautionary statements.
SOURCE George Weston Limited