Loblaw taps Danish retail executive Per Bank as president and CEO

Loblaw Cos., Canada’s biggest food and drug retailer, has named Danish retail executive Per Bank as president and chief executive officer, reviving the CEO title at the company.

Brampton, Ontario-based Loblaw said Tuesday that Bank, the outgoing president and CEO of Salling Group A/S, is slated to take the helm as CEO by the first quarter of 2024. Loblaw hasn’t had the position of CEO since January 2019, with Chairman and President Galen Weston heading the company.

Bank’s appointment follows a global talent search begun in August 2022 with the expected retirement of Chief Operating Officer Robert Sawyer at the end of 2023, Loblaw reported. Bank will assume oversight of Loblaw’s day-to-day operations and report to the board of directors. Weston will remain chairman of Loblaw as well as chairman and CEO of parent company George Weston Ltd., where he will “play an active role” in steering the group’s strategy, according to Loblaw.

Sawyer will remain COO until the end of the year to deliver on Loblaw’s 2023 strategy and aid with Bank’s transition. Richard Dufresne will continue as CFO of Loblaw and as president and CFO of George Weston Ltd.

Per Bank (left), incoming president and CEO of Loblaw Cos., and Galen Weston, current chairman and president of Loblaw Cos. and parent company George Weston Ltd. / Photos courtesy of Salling Group and Loblaw.

“Over the past two years, we have strengthened the foundations of the company. Our management team is exceptional, and our 220,000 colleagues continue to deliver for our customers every day,” Weston said in a statement. “In Per, we have found a world-class retail executive to help us build from that position of leadership and strength, and to continue on that journey.”

Loblaw noted that Bank brings 30 years of retail experience, with deep expertise in retail operations and supply chain. He has spent the past 11 years as CEO of Salling Group, Denmark’s largest retailer with grocery, discount, convenience and department stores as well as hypermarkets, online shops, restaurants and foodservice. Its grocery operation includes 1,700 multi-banner supermarkets across three countries, supported by e-commerce, loyalty and private-brand programs. Before that, Bank served as CEO of Dansk Supermarked Group (now part of Salling); commercial director of general merchandise, clothing, telecom and online at Tesco; CEO of Tesco Hungary; and CEO of Coop Danmark.

“Loblaw is admired worldwide for its sound values, long history of innovation and the strong execution that has made the company what it is today,” Bank stated. “I am truly excited to join the team and build on the ongoing success of my future colleagues.”

Bank’s appointment as CEO follows some leadership realignment at Loblaw in recent years. The company announced in early 2019 that Weston, then Loblaw chairman and CEO, had assumed the role of executive chairman, with President Sarah Davis expanding her duties—in effect, leaving the retailer without a CEO titleholder. COO Mike Motz left the company later in January.

Then in March 2021, Loblaw said Davis would retire in May after the annual general meeting and be succeeded by Executive Chairman Galen Weston, who became Loblaw’s chairman and president. Weston also retained his role as chairman and CEO at George Weston Ltd. (GWL). In addition, GWL board member Robert Sawyer was named as COO of Loblaw, and GWL President and CFO Richard Dufresne took on CFO duties for Loblaw with the departure of Darren Myers. GWL announced the executive changes after reporting plans to sell baked goods subsidiary Weston Foods under a strategy to better focus on its Loblaw retail and Choice Properties real estate businesses.

“Robert, Richard and I have worked side by side with our management teams to improve Loblaw’s performance. Per is an exceptional executive, with a decades-long track record of delivering retail excellence and successful growth—enabling a smooth transition for our teams,” Weston added. “Coming from Salling, he arrives with a clear understanding of what it means to lead a nation’s largest retail network and team, and a family company established more than a century ago to help Canadians live life well.”

Overall, Loblaw’s retail network spans 2,444 stores, including 547 corporate-owned supermarkets under multiple banners, 551 franchised grocery stores and 1,346 Shoppers Drug Mart/Pharmaprix associate-owned drugstores. Besides Shoppers Drug Mart—Canada’s largest drug chain—Loblaw Cos. retail banners include Loblaws, Zehrs, Independent, Valu-Mart, Provigo, Atlantic Superstore, Fortinos T&T Supermarket, Wholesale Club, Real Canadian Superstore, No Frills, Maxi and Extra Foods. The company also offers online grocery services until the PC Express banner and provides the President’s Choice (grocery), no name (food and household products) and Life Brand (health and wellness) private labels; PC Financial services; Joe Fresh fashion and apparel brand; and the PC Optimum loyalty program.

In fiscal 2022, Loblaw’s retail sales totaled $55.49 billion (Canadian), up 6.2% year over year. Full-year food retail sales rose 5.1% to $39.4 billion, including same-store sales growth of 4.7%. Drug retail sales via Shoppers Drug Mart increased 8.8% to $16.09 billion, with comp-store sales up 6.9%.