Galen Weston Jr. is officially stepping down as president and CEO of Loblaw Companies Ltd. starting next year. 

Weston will be replaced by veteran European retail executive, Per Bank, who is currently associated with Danish retail chain Salling Group A/S. 

The bombshell announcement was made in a joint release by George Weston Ltd. and Loblaw Companies Ltd. on Tuesday morning. 

Per Bank is set to formally join the company by Q1 2024. 

Weston will remain chair of the Loblaw board, as well as the chair and chief executive of George Weston Ltd. 

The appointment of Bank as president and CEO of Loblaw follows a global talent search initiated in August 2022 in anticipation of Robert Sawyer's planned retirement as Loblaw's COO at the end of 2023. 

Sawyer has served as a director on the George Weston board since 2016 and was appointed the COO of Loblaw in 2021. 

Weston has also served as president of Loblaw since 2021, when Sarah Davis retired from the job.