TORONTO, Sept. 14, 2016 /CNW/ - W. Galen Weston has stepped down as Executive Chairman of George Weston Limited (TSX:WN), becoming Chairman Emeritus. He is succeeded by his son, Galen G. Weston, who becomes Chairman, George Weston Limited and retains his responsibilities as Executive Chairman and President, Loblaw Companies Limited.
W. Galen Weston, 75, assumed executive control of George Weston Limited in 1974, when he succeeded his father. Over four decades as Chairman, Mr. Weston established an extraordinary record of achievement: taking a sprawling portfolio and focusing on re-making Loblaw into the nation's top retailer, and building Weston into one of North America's largest food processing companies.
During his tenure, Mr. Weston oversaw the introduction of some of Canada's most innovative brands and retail concepts, including President's Choice, Joe Fresh, No Frills, and Real Canadian Superstore. In the same time, the company created hundreds of thousands of jobs and the Weston Foundation and the Weston Group of Companies together have donated more than half a billion dollars to the benefit of Canadian communities.
"Following my own father's tradition of stepping down at the age of 75, I see this as a good time to create space for the next generation," said W. Galen Weston. "I have absolute confidence in my son and the George Weston Limited board and leadership. I look forward to using my time to focus on the exciting opportunities ahead in our luxury business and some truly ground-breaking potential with our charitable foundation."
Succeeding his father, Galen G. Weston, 43, becomes the fourth generation of family leadership. He has been Executive Chairman of Loblaw since 2006 and Deputy Chairman of George Weston Limited since March, 2016. W. Galen Weston's daughter, Alannah Weston, was appointed a director on the board earlier this year.
"Reaching a fourth generation represents unique longevity among family-led firms, and my father's success over four decades sets a high bar for the next generation of our business," said Galen G. Weston. "We will benefit from the strong legacy traits of Weston companies, and my sister and I look forward to our father's continued guidance and support."
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.
SOURCE George Weston Limited
Image with caption: "W. Galen Weston (CNW Group/George Weston Limited)". Image available at: http://photos.newswire.ca/images/download/20160914_C7044_PHOTO_EN_777001.jpg
Image with caption: "Galen G. Weston (CNW Group/George Weston Limited)". Image available at: http://photos.newswire.ca/images/download/20160914_C7044_PHOTO_EN_777002.jpg
For further information: Geoff Wilson, Senior Vice President, Investor Relations, Business Intelligence and Communications, (416) 965-5206