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.
Founded in 1882, George Weston Ltd is majority owned by the Weston family and owns Loblaw and Choice Properties Real Estate Investment Trust.
“Over the past two years, we have strengthened the foundations of the company. Our management team is exceptional, and our 220,000 colleagues continue to deliver for our customers every day,” said Galen G Weston.
“In Per we have found a world-class retail executive to help us build from that position of leadership and strength, and to continue on that journey.”
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.