'Nothing will change': Canadians react to Loblaw CEO Galen Weston stepping down, amidst soaring grocery prices
The news of the Loblaw CEO's exit from his role isn't impressing shoppers who feel betrayed by soaring costs
Many Canadians have taken to social media to celebrate, lament after Loblaw announced that their current CEO Galen Weston will be replaced by a Danish retail executive Per Bank starting next year.
In a press release on Tuesday morning, the company announced that Bank will join the company by 2024 followed by a "global talent search initiated" by the company in August 2022.
"It comes after two years of superb performance at the company as it executed against a strategy anchored in retail excellence," Loblaw said.
This news comes after it was revealed that Weston received a 55 per cent raise in 2022 after consultants thought he was "underpaid".
Weston will remain chairman of Loblaw and chairman and CEO of holding company George Weston Ltd.
"I'm not leaving. I'm stepping back into what I consider to be my natural role as the controlling shareholder," Weston said during a call with analysts.
"The takeaway here is this is not a sharp left turn," he said. "This is about evolution and building on the platform that's been established."
In 2012, Bank became the fourth CEO of the more than century-old Salling Group, which operates department stores, supermarkets and discount stores. Under his tenure, the company has grown its market share by more than 20 per cent, Loblaw said.
RELATED from Yahoo Finance Canada: Here's how much grocery prices went up in March 2023
Not long after the news, many Canadians took to social media to express their feelings about the controversial executive leaving the company—while some were overjoyed, others feel that this is a PR move by the company after months of outrage over rising grocery prices, and there will be no substantial changes in the future.
"Buh bye Galen Weston": Twitter reacts to the news
Buh bye #GalenWeston and take your condescending tone and greedy practices with you (maybe now spend some of your millions fixing Canadian society instead of bread prices) https://t.co/YDuboBceZ5
— Laura Babcock (@LauraBabcock) April 18, 2023
So Galen Weston is being replaced as the CEO of Loblaws.....
Apparently the politicization of his salary is to blame, but this looks more to me like doing their very best to keep him out of the hot seat of any parliamentary committees that want answers on sky-high food inflation— Melanie In Saskatchewan (@saskatchewan_in) April 18, 2023
Wow ,all that publicity about his pay raise was hiding his departure. His retirement package sort of.
— Verna Scott (@VernaSc46519779) April 18, 2023
Gosh, I sure hope Galen's going to be okay financially.
Groceries are really pricey these days.— Barney Panofsky's Best Intentions (@mynamesnotgordy) April 18, 2023
To save the company's reputation he "steps down" but stays on. Prices are staying the same, nothing will change. Just making themselves look good.
— Potter (@potter7leafs) April 18, 2023
Dabs his tears with hundred dollar bills. The greed will continue but a new face will boast about it while they blame others. https://t.co/1jTrYQPeOi
— Keep Left (@steve_ca2002) April 18, 2023
I am incapable of processing this news without imagining a boardroom where Loblaw bigwigs, realizing present controversies, tried to find someone less oligarchic. And they arrived at someone whose name in English would mean "according to bank". https://t.co/lODeHffWCo
— John Michael McGrath (@jm_mcgrath) April 18, 2023
