Loblaw Companies Limited has announced senior management changes with president Sarah Davis retiring and Galen G. Weston returning as chairman and president.
Davis retires on May 6 at which time Weston will succeed her and maintain his current role as chairman and CEO at George Weston Limited.
The company announced additional changes which will see Robert Sawyer join Loblaw as chief operating officer and Richard Dufresne, president and chief financial officer of George Weston, will expand his responsibilities to include becoming chief financial officer of Loblaw.
"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," says 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."
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 billionin revenue. As president, she 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," says Davis.
In returning to the role of chairman and president, a position he held from 2014 to 2017, Weston says "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."
As part of this transition, Darren Myers, chief financial officer of Loblaw Companies Limited, will be leaving Loblaw after its annual general meeting on May 6, 2021.