It’s all up to seasoned British retail executive Allan Leighton, 55, to turn around Loblaw’s fortunes.
The food retailer’s deputy chairman became its president yesterday, replacing Mark Foote who is leaving immediately, along with two other senior executives.
Foote joined Loblaw from Canadian Tire two years ago.
Departing chief financial officer Bill Wells is going to Biovail Corp. as chief executive officer. Pietro Satriano, executive vice-president of food, is leaving Loblaw.
Shares in Canada’s biggest supermarket chain shed 6 per cent to close at $29.77 on the Toronto Stock Exchange as analysts warned the shuffle could mean more confusion in the short term.
Under the new structure, all operating officers will report to Leighton, who will in turn report to executive chairman Galen G. Weston, 34. The announcement comes as Loblaw enters the second year of a multi-year turnaround plan.