TORONTO -- Galen G. Weston has been appointed CEO of George Weston Ltd., a role that his father held for decades before stepping aside several years ago as part of a staged succession plan at the company that controls the Loblaw grocery business.

The younger Weston has been chairman of George Weston Ltd. (WN.TO 0.06%) since last September, when his father W. Galen stepped aside at age 75.

The younger Weston will also remain chairman and CEO of the company's largest subsidiary, Loblaw Companies Ltd., which bought the Shoppers Drug Mart chain several years ago.

Loblaw Companies said in a statement Thursday that Sarah Davis has been appointed president and will take on day-to-day responsibility at grocery store chain.

"I am extremely pleased to welcome Sarah to the role of president,” Galen G. Weston said. “She has an exceptional understanding of Loblaw. This, together with her strong financial background, particularly in operational roles, positions her well for this expanded leadership role.”

Paviter S. Binning -- who had replaced the older Weston as CEO of George Weston Ltd. several years ago -- has been appointed a special advisor to the Weston family's private Wittington Investments Ltd.

“While we had not expected the changes, they are evolutionary and orderly,” said Desjardins Capital Markets Analyst Keith Howlett in a report to clients.

The Weston family is among the wealthiest in Canada, both because of their holdings in the publicly traded companies and because of extensive private holdings including the Holt Renfrew chain of upscale department stores.