Toronto-based retailer Loblaw has appointed William Wells to the position of chief financial officer, as of 2 April.

Wells was formerly CFO of US food manufacturing company Bunge and led the company through its initial public offering on the New York Stock Exchange and the subsequent acquisition of Cereol.

Previously, he has held senior financial positions at McDonald's.

"Bill has a proven track record and reputation within the North American financial and business community and will be a welcome addition to our Executive team", commented Galen G. Weston, executive chairman, Loblaw.

Richard Mavrinac will be stepping down from his role as EVP on 2 April and, with the arrival of Wells, Steve Smith EVP financial control, has decided to leave the company. 

"I would like to personally thank both Rick and Steve for their many years of committed and valued service to the company" added Weston.

AS part of an effort to refocus the ailing business, Loblaw is simplifying its organisation in order to increase efficiency, the company said.