Galen Weston Jr, the former President and current Chair of Loblaw Company Ltd., now has another title to add to his name:\u00a0Canada\u2019s Top Profiteer. This billionaire won by a margin of 35% after over 7,000 people nationwide voted in the inaugural competition hosted by Leadnow, a non-profit dedicated to building collective power. Previously, Leadnow gained over 10,000 signatures on their federal petition for a corporate profiteering tax.<\/p>\n
During his time as the face of Canada\u2019s largest grocery retailer, Weston had no shortage of controversies. For over 14 years, Loblaw colluded with other major companies to\u00a0raise the price of bread, leading to shoppers paying an additional $1.50 per loaf by the end of the scheme. After a recently settled class action lawsuit, eligible Canadians will be reimbursed a grand total of\u00a0$25 each<\/a>, maximum (and that money is only guaranteed if you didn\u2019t accept one of their $25 gift cards in 2018). Another lawsuit is currently being filed in regards to\u00a0underweighted meat, a problem which Loblaw representatives said they resolved in 2023. Despite their claims, underweighted packages are still being found across the country.<\/p>\n While Canadians struggled with affordability, Loblaw enjoyed record sales during the pandemic. Notably, they saw an\u00a011% revenue\u00a0increase in the first quarter of 2020\u2014and slashed the\u00a0$2\/hour bonus\u00a0pay for their essential workers only a few months later. Weston, already one of the richest people in Canada, took home\u00a0$3,549,591 in compensation\u00a0from Loblaw that year. In 2023, when the effects of food inflation were widespread enough to warrant a parliamentary hearing, his total compensation from Loblaw and its holding company was nearly\u00a0$11.8 million. Loblaw could pay their workers a living wage, but they\u00a0choose not to. Instead, they actively attempt to pay as little as possible, through\u00a0eliminating full-time jobs\u00a0and\u00a0withholding overtime pay.<\/p>\n However, it is crucial to note that Weston and Loblaw are not unique in their behaviour. If they were, perhaps they would have experienced more retribution. As it stands, every other major grocery retailer in Canada has been engaging in the same price-fixing, pay-cutting, and profiteering that leaves food increasingly unaffordable.<\/p>\nCEOs and greedflation<\/strong><\/h2>\n