George Weston Ltd is setting forth on an ambitious transformation plan geared toward accelerating the company’s change agenda.In fiscal 2017 which ended on Dec 31 2017, the operating income in the Weston Foods segment totaled C$91 million ($70.5 million), in fiscal 2016 the segment went down by 47% from C$173 million. Meanwhile the adjusted operating income fell by 25% to C$149 million (C$115.4 million) from C$199 million. From C$2,268 million the sales decreased by 1.1% to C$2,243 million.

The three-year transformation plan which is being led by president, Luc Mongeau. He described the baking industry as “an exciting category with a healthy growth potential”
“Weston Foods experienced a challenging year in 2017, and we recognized the need to accelerate our change agenda,” Galen Weston, chairman and chief executive officer, said during a March 2 conference call with analysts. “And as a result, the business has embarked on an ambitious three-year transformation plan, led by our president, Luc Mongeau.”

Kicking off of the transformation program started in November, and since then Weston Foods has been seeing encouraging results. To serve the customers better the company has moved to single sales team from four business units into one lean organization.

Weston posted net earnings of C$1,574 million which is equal to C$5.60 per share on the common stock which is up from C$3.96 per share or C$1,090 million. From C$47,999 million the sales increased to C$48,292 million.