Loblaw Cos, Canada’s largest food retailer, has today (21 April) named ex-Asda CEO Allan Leighton as president of the company amid a management overhaul.
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Leighton, who has been Loblaw’s deputy chairman, will continue in both roles, the company said.
President and chief merchandising officer Mark Foote will leave Loblaw with immediate effect. Foote will be replaced by Frank Rocchetti, executive vice president for general merchandise.
Pietro Satriano, executive vice president food, joins Foote in leaving Loblaw with immediate effect.
Meanwhile, CFO Bill Wells has left Loblaw to take on a similar role at Biovail. Bob Vaux, CFO of Loblaw’s George Weston unit, will become group interim CFO until “further notice”, the company said.
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By GlobalDataLeighton said: “At this crucial juncture, we require more focus and clarity in our leadership structure. These changes will provide this.”
Loblaw, which last year saw underlying profits tumble 22%, has been going through a period of restructuring over the last two years.
A spokesperson for Loblaw said the “triumvirate” of Leighton, Foote and executive chairman Galen Weston had made “significant headway” in restructuring the business.
The spokesperson added: “At this point, it was decided to go for a more classic structure of chairman and president to give more clarity and focus to the next stage for the business.”
The spokesperson declined to comment on whether Foote had been offered another role with the company.
