Galen Weston succeeds father as controlling shareholder of grocery empire

Galen G. Weston CEO, chairman and president of Loblaw Companies Limited speaks during the company's annual general meeting in Toronto on Thursday, May 3, 2018. THE CANADIAN PRESS/Nathan Denette

TORONTO — The Weston family says Galen G. Weston has succeeded his father, W. Galen Weston, as the controlling shareholder of Wittington Investments, Ltd., the controlling shareholder of George Weston Ltd.

The announcement comes on the heels of an internal reorganization in which the Weston family sold some of its shares to George Weston Ltd. and Loblaw Companies Ltd.

That sale left W. Galen Weston as controlling shareholder of bakery and real estate company George Weston Ltd., with 52.8 per cent of the outstanding shares.

Galen G. Weston succeeded Mr. Weston as chairman of GWL in 2016 and became the chief executive officer of GWL in 2017.

The Weston family's grocery companies - which include Loblaws, Zehrs, Your Independent Grocer, Real Atlantic Superstore and Provigo - have seen significant profits as Canadians continue to spend more on groceries during the COVID-19 pandemic.

Both George Weston and Loblaw have exceeded analysts' expectations and boosted their dividends in the most recent quarter.

This report by The Canadian Press was first published Dec. 24, 2020.