George Weston Limited Announces Board and Management Changes
TORONTO, March 2, 2016 /CNW/ - George Weston Limited (TSX:WN) announced today the appointment of Galen G. Weston as a director and non-executive Deputy Chairman of the Company. Mr. Weston is Executive Chairman and President of Loblaw Companies Limited and non-executive Chairman of Choice Properties Real Estate Investment Trust. He will continue to lead Loblaw with no change in his responsibilities. The appointment fills a pre-existing vacancy on the Board.
W. Galen Weston remains as Executive Chairman of the Company. Mr. Weston will continue to lead the Board of Directors and provide strategic advice and counsel to management in executing on the strategic initiatives set by the Board.
The Board also announced that it will be recommending the election of Alannah Weston and Christi Strauss as directors at the upcoming Annual General Meeting of the Company to be held on May 10, 2016, following the impending retirements of John Lacey and Anthony Graham from the Board.
Alannah Weston is Deputy Chair of Selfridges Group.
Christi Strauss is a former executive of General Mills who served as President of General Mills Canada and subsequently as President and CEO of Cereal Partners Worldwide, a joint venture between General Mills and Nestle.
W. Galen Weston also announced that Paviter S. Binning, President, has assumed the additional position of Chief Executive Officer of the Company. As President and CEO, Mr. Binning has overall responsibility for the management of the Company.
In commenting on these changes, W. Galen Weston said "I thank both John and Tony for their many years of exemplary service as directors and the valuable contributions they have made to our Board. Christi Strauss will bring valuable experience and insight to the Board, given her extensive global experience in the food business. And I am personally delighted that Galen has joined the Board today and that Alannah will do so at the Annual General Meeting, continuing our tradition of strong family representation. Our three new directors and the rest of the Board look forward to working with Pavi and his leadership team. Pavi is an accomplished leader and he has played a pivotal role in shaping the Company's strategic direction since joining the Company."
Further information relating to these changes will be provided in the management proxy circular of the Company, which is anticipated to be available to shareholders in late March of this year in advance of the Annual General Meeting of Shareholders.
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 retailer and provides Canadians with grocery, pharmacy, health and beauty, apparel, general merchandise, banking, and wireless mobile products and services.
SOURCE George Weston Limited
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Geoffrey H. Wilson, Senior Vice President, Investor Relations, Business Intelligence and Communications, (416) 922-2500
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