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Galen Weston Jr Net Worth

Willard Galen Garfield Weston (born December 19, 1972), known as Galen Weston Jr. or Galen G. Weston, is an Irish-Canadian businessman and a member of the prominent Weston family. He serves as chairman and chief executive officer (CEO) of George Weston Limited, as well as executive chairman and president of Loblaw Companies Limited. He is the second child and only son of Galen Weston and Hilary Weston.

What is Galen Weston Jr.’s Net Worth?

Galen Weston Jr. is a Canadian business scion who has a net worth of $2 billion. Galen is a member of the prominent Weston family in Canada. He serves as the chairman and CEO of the family holding company George Weston Limited and the chairman and president of the retailer Loblaw Companies Limited. Weston Jr. is the second child and only son of Galen and Hilary Weston.

Net Worth: $2 Billion

Date of Birth: Dec 19, 1972 (50 years old)

Gender: Male

Profession: Businessperson

Nationality: Canada

Early life and education

Weston was born on December 19, 1972, in Dublin, Ireland, where his father Galen Weston had relocated to in the 1960s. Weston’s father originally moved to Dublin to start up a supermarket chain. He married Hilary Frayne there in 1966 and had two children, Alannah and Galen. The Westons relocated to Canada in 1974.

Weston grew up in TorontoOntario, where he attended Upper Canada College. He subsequently received his bachelor’s from Harvard University and his Master of Business Administration degree from Columbia University.

Career

Weston succeeded his father to become the executive chairman of Loblaw Companies Limited in October 2006. Previously, he had held positions in the company for eight years and was a member of its board of directors. At that point, the company was worth around $9.5 billion. Since becoming chairman of Loblaw, Weston has featured in a number of television and radio commercials for Loblaw and its brands, similar to Dave Nichol who had been the spokesman for Loblaw in the 1980s.

In September 2016, Weston took over from his father as CEO of George Weston Limited. In December 2020, Weston succeeded his father as the controlling shareholder of Wittington Investments, Limited, which controls George Weston Limited. In March 2021, it was announced that Weston would assume the leadership role at Loblaw Companies Limited following the retirement of Sarah Davis as its president that year, changing his title from executive chairman to chairman and president.

On December 19, 2017, Loblaw and its parent company George Weston Limited announced action the companies had taken to address their role in a price-fixing arrangement involving certain packaged bread products. In the statement, Weston is quoted as saying “this sort of behaviour is wrong and has no place in our business or Canada’s grocery industry,” and that “this should never have happened.” In response, Loblaw and George Weston said the companies had reported the price fixing to the Competition Bureau, that the employees responsible for George Weston and Loblaw’s role in this are no longer with the companies and the companies had significantly enhanced their compliance programs with measures that are industry-leading and go further than the Competition Bureau’s requirements. Loblaw also announced it was offering customers a $25 Loblaw Card, which could be used to purchase items sold in Loblaw grocery stores across Canada. Registration for the card opened on January 8, 2018. As of April 2019, many people have still not received the restitution.

In June 2020, Weston confirmed the cancellation of an hourly CA$2.00 wage premium to Loblaw workers, which received criticism from then Unifor President Jerry Dias. The premium was paid to low-wage grocery store workers, who were deemed “essential” and required to attend work while much of Canada was shut down in response to the COVID-19 pandemic. The cancellation of the pandemic wage premium drew further criticism, as Weston’s pay package from Loblaws in 2022 was worth $8.4 million (after receiving a $3 million pay rise from 2021) and including his remuneration as head of George Weston Ltd. his total compensation reached $11.7 million. Weston, who had been the company spokesman of Loblaw advertising campaigns in addition to his executive role as Loblaw president, has since 2022 became the “very face of grocery store gouging” after he aggressively defended Loblaws’ record profits and stated that Loblaws was not responsible for increased grocery prices during the 2021–2023 inflation surge

On April 18, 2023, it was announced that Weston would step down as president of Loblaw, to be succeeded by Danish retail veteran Per Bank in 2024.

Personal life

In 2005, Weston married Alexandra Schmidt, granddaughter of businessman Thomas J. Bata and his wife, Sonja. The Westons’ residences include a 500-acre (0.78 sq mi) gated country estate in The Grange equestrian neighbourhood, in Caledon, Ontario

Loblaw Companies

In 2006, Weston became the executive chairman of Loblaw Companies Limited, the Ontario-based food retailer of his family’s company George Weston Limited. Prior to that, he had held various positions at Loblaw and was a member of its board of directors. The largest food retailer in Canada, Loblaw encompasses both corporate and franchise supermarkets operating under multiple regional and market-segment banners, including Loblaws. It also operates financial services. In 2016, Weston took over from his father as the chairman and CEO of Loblaw’s parent company, George Weston Limited. Four years later, he succeeded his father as the controlling shareholder of Wittington Investments Limited, which controls George Weston Limited. In 2021, Weston was upgraded to the chairman and president of Loblaw Companies after Sarah Davis retired as president. It was announced in the spring of 2023 that Weston would be stepping down as president in 2024.

Controversies

Weston has been involved in some controversies during his leadership at Loblaw Companies. In early 2018, the company was accused of having participated in a scheme to price-fix the cost of bread in Canada from 2001 to 2015. In response, consumers were offered the chance to receive a $25 gift card for bread; however, Loblaw’s policy to require an ID for the gift card drew protests. Later, amid the height of the COVID pandemic in 2020, Weston and Loblaw earned criticism for canceling an hourly $2 wage increase for employees.

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