TORONTO, Sept 14 Galen Weston is stepping down
as chairman of George Weston Ltd, the company controlled by
Canada's second wealthiest family, to be succeeded by his son
Galen G. Weston, the company said on Wednesday.
Weston, 75, is the grandson of the founder of George Weston
Ltd, which is Canada's largest food processing and distribution
company and dates back to the late 19th century when the family
opened a bread factory in Toronto.
Weston will remain as chairman emeritus of the company,
whose businesses include a major stake in grocer Loblaw
Companies Ltd. Galen G. Weston, 43, will become chairman
and retain his responsibility as executive chairman and
president of Loblaw.
"Following my own father's tradition of stepping down at the
age of 75, I see this as a good time to create space for the
next generation," the older Weston said in a statement.
The younger Weston will become the fourth generation of the
family to assume leadership of the business. He has been
executive chairman of Loblaw since 2006.
Galen Weston is Canada's second richest man, according to
Forbes, with an estimated net worth of $9.6 billion.
(Reporting by Matt Scuffham; Editing by Alan Crosby)