George Weston Ltd., the owner of Canada-based bakery group Weston Foods and retail giant Loblaw, has announced CFO Richard Dufresne will be appointed president of the company with effect from 1 January.

The appointment follows the announcement earlier this year that Pavi Binning was stepping down as president and CEO and leaving the business. 

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Dufresne will continue to serve as CFO of George Weston Ltd., but will relinquish his “parallel role” as CFO of Loblaw “over the next few months”, the company said.

Dufresne joined George Weston Ltd in 2012 and Loblaw in 2014, holding parallel responsibilities as CFO at both companies. 

In a related move, Darren Myers will join Loblaw on 1 September as executive vice-president of finance, reporting to Dufresne. As of 1 January, Myers will become CFO of Loblaw, reporting to George Weston Ltd., chairman and CEO Galen Weston.

Myers joins Loblaw from Canadian multinational electronics manufacturing services firm Celestica, where he was most recently executive VP and CFO.

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Last month, Weston Foods, the manufacturing arm of George Weston Ltd., reported a fall in revenue and underlying earnings for the first quarter of 2017.

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