Loblaw stock falls as management shuffled
Last Updated: Monday, April 21, 2008 | 4:14 PM ET
CBC News
The president of flagging food retailer Loblaw Companies Ltd. left suddenly Monday and was replaced by the company's deputy chairman.
Allan Leighton took over the top management job, as Mark Foote left "as of today's date," Loblaw said in a release.
Loblaw three-month TSX trading
Galen Weston, executive chairman and a member of the family who control the retailer through George Weston Ltd., said Leighton will "complete the turnaround" of Loblaw.
Two other executives also left.
"At this crucial juncture, we require more focus and clarity in our leadership structure. These changes will provide this," Leighton said.
The announcement prompted a drop of $1.96 (6.2 per cent) in the company's stock, which finished at $29.77 on the TSX. The 52-week range is $26.75 to $55.
Loblaw said CFO Bill Wells is leaving to become CEO of pharmaceutical company Biovail Corp., while Pietro Satriano, executive vice-president food, left Monday for an undisclosed future.
Loblaw has been cutting prices in response to competition, and its share price has fallen from as much as $75.90 in April 2005.
Share Tools
Top News Headlines
- Canadian Pacific strikers face back-to-work legislation
- Labour Minister Lisa Raitt is prepared to end the Canadian Pacific Railway strike if necessary, after both CP and the union rejected a proposal for voluntary arbitration by the government-appointed negotiator on Sunday. Raitt says she is "extremely disappointed." more »
- Quebec students and province to resume talks
- Quebec's university student federation has confirmed negotiations between student leaders and the provincial government will resume Monday afternoon. more »
- Tropical storm Beryl strikes southeast U.S. coast
- Tropical storm Beryl has arrived at the southeastern U.S. coast, bringing heavy rain, winds and the possibility of flooding. more »
- Ryder Hesjedal wins prestigious Giro d'Italia
- Victoria native Ryder Hesjedal has become the first Canadian to win one of the cycling world's three Grand Tour events, wrapping up the 2012 Giro d'Italia with an excellent performance in the final stage in Milan. more »
- Syrian killings continue as Annan flies to Damascus
- International outrage against Syria intensified Monday, with China and Russia speaking out against the massacre of 108 people, including 49 children, in the town of Houla. more »
Latest Business Headlines
- Bankia asks Spain for €19B
- The board of directors of Spain's troubled bank, Bankia, has asked the Spanish government for €19 billion ($24.5 billion Cdn) in financial support. more »
- EI reforms aim to boost employment, Flaherty says
- Finance Minister Jim Flaherty defended his government's proposals to change employment insurance, saying the aim is to remove "disincentives to employment." more »
- Employment Insurance review boards to be scrapped
- The federal government is scrapping two review boards used by people appealing decisions made about their employment insurance. more »
- Ottawa moves to limit foreign investment reviews
- The federal government is raising to $1 billion the amount of foreign money that can go into a Canadian company before the investment is reviewed. The review has been used in the past to block foreign takeovers of MDA and Potash Corp. more »
Lang & O'Leary Exchange
Markets
| Index | Last Trade | Change |
|---|---|---|
| TSX COMPOSITE | 11576.47 | 0 |
| DOW | 12454.83 | 0 |
| NASDAQ | 2837.53 | 0 |
| SP 500 | 1317.82 | 0 |
| NYSE COMPOSITE | 7534.32 | 0 |
| AMEX | 2227.37 | 0 |
| TSX-VENTURE | 1309.27 | 0 |
The data on this site is informational only and may be delayed; it is not intended as trading or investment advice and you should not rely on it as such.
Business Features
- Seniors float above Montreal's Quartier Latin
- Accused in blast that killed Alberta mom handled her funds
- Remains found in bag on Cape Breton river ID'd
- Neighbour may have helped find missing kids in Mexico
- Quebec students and province to resume talks
- Lip-dub marriage proposal an internet hit
- Syrian regime denies role in Houla massacre
- Canadian Pacific strikers face back-to-work legislation
- B.C. NDP calls for unity in fighting coast guard closure
