Mike Cassese/ReutersGalen G. Weston, executive chairman of Loblaw Cos. Ltd., better keep an eye on the exits after senior executive Calvin McDonald jumped ship for the corner office at SearsEric Lam Jun 23, 2011 – 11:30 AM ET For Loblaw Cos. Ltd., losing a senior executive to Sears Canada Inc. is not enough to set off alarm bells in and of itself.
But with chief executive openings at Shoppers Drug Mart and Tim Hortons, Target opening up a massive beachhead in Canada and other major U.S. retailers thinking of doing the same thing, Executive Chairman Galen G. Weston and Loblaw better keep an eye on the exits.
“Given Loblaw’s revenues of over $30-billion, Loblaw executive ranks are an obvious target for companies seeking talent. One departure is manageable, but it will be important for Loblaw to retain its key operational executives over the next two years in a heated market for talent,” Keith Howlett, analyst with Desjardins Securities, said in a note.
The latest defection is Calvin McDonald, who was previously in charge of conventional stores across the country but jumped ship for the chief executive’s corner office at Sears.
Mr. Howlett expects a decision on Mr. McDonald’s replacement to wait until Vicente Trius, Loblaw’s incoming president, arrives from Europe.
Posted in: Trading Desk Tags: Calvin McDonald, CEO, Galen G. Weston, Loblaw, Loblaw Cos Ltd., Retail, Shoppers Drug Mart, succession, supermarkets, Target, tim hortons, Vicente Trius
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