Canadian retailer Loblaw appoints Per Bank as new CEO

(Reuters) - Canadian retailer Loblaw Cos Ltd and its parent company George Weston Ltd said on Tuesday that Per Bank has been appointed as the new chief executive officer and president of Loblaw.

Bank, who is associated with Danish retail chain Salling Group A/S, will formally join Loblaw by the first quarter of 2024, the companies said. He will take over from Galen Weston as the president.

Weston will remain chair of Loblaw's board as well as the CEO and chair of the board of George Weston Ltd.

Founded in 1882, George Weston Ltdis majority owned by the Weston family and owns Loblaw and Choice Properties Real Estate Investment Trust. Loblaw operates more than 2,400 stores in Canada.

This appointment comes as Chief Operating Officer Robert Sawyer is due to retire by end-2023. Sawyer served as a director on the George Weston board since 2016 and was appointed the COO of Loblaw in May 2021.

In February, Loblaw forecast its annual earnings above analysts' expectations and beat fourth-quarter estimates, helped by strength in its pharmacy business and as demand held up for groceries.

(Reporting by Anne Florentyna Gnanaraja Sekar in Bengaluru; Editing by Sherry Jacob-Phillips)