LCBO says CEO to retire next month

A Canadian flag flies near an under-construction LCBO store in Bowmanville, Ont. on Saturday July 20, 2013. THE CANADIAN PRESS/Doug Ives

The LCBO says its president and CEO, George Soleas, will retire at the end of next month.

The Crown agency said in a news release Monday that Soleas’ retirement will be effective Jan. 31, 2026.

“It has been a true honour to lead this incredible organization, and to work alongside such talented and passionate team members across all areas of the business,” Soleas said in a news release issued by the LCBO.

His departure follows a “distinguished” career of nearly 30 years with the organization, LCBO Board Chair Carmine Nigro said in the statement.

“Over his tenure, George earned a reputation as an innovative, award-winning, and values-based leader. His dedication, insight, and expertise will leave a lasting mark on our organization,” Nigro said.

Soleas’ departure comes at a time of increasing change and slumping revenues for the LCBO.

Last year, the province expanded alcohol sales to convenience stores and more grocery stores. In the Fall Economic Statement released this year, the government projected that LCBO revenue will fall below $2 billion for the first time in a decade, with $1.85 billion expected in 2025-26.

In the LCBO’s latest annual report released in April, Soleas said that while the corporation has a proud history “we recognize that to continue to provide the best service to our retail customers and wholesale customers, we must evolve.”

He pointed to a multi-year modernization program meant to “transform LCBO’s technology landscape to support long-term, sustainable success and re-envision the way we operate across the business.”

That report also pointed to a weak economic environment, trade war and moderation among customers as other ongoing challenges to the LCBO’s business.

The LCBO said Aaron Campbell, chief of staff and vice-president of corporate affairs, strategy, and sustainability, will assume the role of interim president and CEO as of Feb. 1, 2026.