TORONTO, Sept. 14, 2016 /PRNewswire/ -- 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.
RELATED LINKS
http://www.weston.ca
Geoff Wilson, Senior Vice
President, Investor Relations, Business Intelligence and
Communications, (416) 965-5206
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SOURCE George Weston Limited