In his place Per Bank, chief executive of Denmark’s leading grocery retailer Salling Group A/S, will take over the reins as president and CEO of Loblaw Companies Ltd., which owns the Loblaws grocery store chain, early next year.

However, Mr Weston, who took over the role as company president in 2021 following the retirement of its former president and was the public face of the company in a series of radio, TV and online ads, will retain his role as chairman of Loblaw Companies Ltd., as well as chairman and CEO of the Weston family’s holding company George Weston Ltd.

"I'm not leaving. I'm stepping back into what I consider to be my natural role as the controlling shareholder," Mr Weston said during a call with analysts, according to the Canadian Press news agency.

"The takeaway here is this is not a sharp left turn," he said. "This is about evolution and building on the platform that's been established."

The news comes after it emerged earlier this month that Mr Weston was paid close to CAD$8.4m (€5.7m) last year for his role as president and chairman of Loblaws at a time when food prices in Canada have skyrocketed by around 10pc.

His $1.2m (€820,000) pay rise – which the company’s management consultants deemed necessary as he was being “underpaid” in comparison to industry norms – saw his total annual compensation package rise to $11.9m (€8.1m).

This includes his role as chairman and CEO of George Weston Ltd, the holding company for the Weston family’s Canadian real-estate arm, Choice Properties, and other assets.

But it was the chicken breasts that enraged consumers in Canada.

Loblaws made national headlines earlier this year when it emerged that a 1.3kg packet of five skinless chicken breasts was selling for more than $37 (€25) in some Toronto-area stores.

This followed an email last October in which he announced that the company was freezing the price on its yellow-pack line of products, known as No Name, for three months in a bid to counter inflation.

However, it emerged that such price freezes are not uncommon in the industry. It was akin to, as one critic put it, a school principal announcing in July that there would be no homework until September.

Soaring food costs prompted the Canadian government to summon Mr Weston and other CEOs of major Canadian grocery chains to Ottawa last month, where they were grilled by parliamentarians.

“How much profit is too much profit?” Mr Weston was asked by New Democratic Party leader Jagmeet Singh.

“You’re making more money than you’ve ever made.”

Mr Weston responded: “We’re a big company and the numbers are very large but it still translates right down to the bottom line at $1 [of profit] per $25 of groceries.”

“It doesn’t go to me,” Mr Weston said of the company’s profits, which hit a record high of just over $1.9bn (€1.29bn) last year. “It goes back into this country.”

While claims of price-gouging and so-called ‘greedflation’ at a time when many families are struggling to feed their families hasn’t endeared Mr Weston to consumers, he said the decision to appoint his successor was strictly a business one.

"We needed somebody who had deep retail knowledge, retail pedigree and retail excellence," he said. "That's what we built the success of Loblaw's performance over the last few years on, and (Bank) rang the bell in every way on that."

He added that a global search for a new president and CEO was launched last August – way before the chicken breast controversy erupted in January - which resulted in a shortlist of five candidates.

"We took our time with this process ... and (Bank) was the clear standout," Weston said, noting that the parallels between Loblaw and Salling Group are "quite remarkable."