Loblaw announces executive changes

BRAMPTON, Ontario Loblaw today announced several executive changes at the company.

Deputy chairman Allan Leighton will become president, but will continue to also serve as deputy chairman. Leighton will replace Mark Foote, who will be leaving the company, effective immediately. Leighton previously served as group marketing director and ceo at U.K. retailer Asda from 1992 to 2000. In 1999 he also became president and ceo of Wal-Mart Europe and is currently the chairman of Royal Mail Group, deputy chairman of Selfridges & Co. and George Weston Ltd., and non-executive director of BSKYB Group plc.

Galen Weston, Loblaw's executive chairman, said, "Allan Leighton is a highly experienced food retail executive and I look forward to working closely with him to complete the turnaround."

Bob Vaux, cfo of George Weston Limited, will add to his responsibilities by taking over as interim cfo for Loblaw until further notice. He has served as cfo of George Weston Ltd. since May of 2007 and prior to that was senior vp of corporate development for the company.

Evp of general merchandise Frank Rocchetti will take on the post of chief merchandising officer and will report to Leighton. Rocchetti previously served as vp of soft lines, catalog and merchandising & marketing for Sears Canada, as well as senior vp of operations, national logistics & supply chain, IT, properties and business development. He left his position as chief merchant of Sears Canada in 2006 to join Loblaw as the evp of business transition and then general merchandise.

Evp of food Pietro Satriano will also be leaving the company, as will cfo William Wells, who will take the position of ceo of Biovail for which he already serves as an outside director.

"Mark, Bill and Pietro have made substantial contributions over their respective tenures and I wish them well," stated Weston.

Leighton added, "At this crucial juncture, we require more focus and clarity in our leadership structure. These changes will provide this."