increasing its profit margin. In 1998, Loblaw become the first Canadian food retailer to extend its product mix into the realm of banking with the launch of "President's Choice Financial." Promoted as a very basic no-hassle, no-fee form of personal banking, conveniently located where you do your grocery shopping, PC Financial kiosks and automatic tellers began springing-up in supermarkets across the country. While Loblaw provided the branding, the service-end was made possible through a partnership with the Canadian Imperial Bank of Commerce. Loblaw also promised a new loyalty program that would allow customers to redeem 'points' for free groceries - which later became "PC Points." Within a year, Loblaw would have more than a hundred President's Choice Financial kiosks and bank machines. Management shakeup After almost 25 years at the helm of Loblaw Companies Limited, Richard J. Currie retired as company president in November 2000. John Lederer, a veteran Loblaw executive, took over the top job. As president, Lederer moved forward with a number of strategic initiatives. Administrative functions were consolidated as a new corporate headquarters was unveiled in Brampton, Ontario. Warehouse operations were streamlined with the opening of new distribution centres as the company updated facilities and information technology. And, once again, Loblaw made an effort to offer more general merchandise in its stores in the hope of becoming more of a 'one-stop' shopping destination for consumers – all moves presumably designed to combat the threat posed by a "looming Wal-Mart incursion" as the retail giant announced the opening of more Supercentres in Canada. But as supply chain problems took root, customers began to complain of empty Loblaw shelves and out-of-stock items, while suppliers expressed their frustration coordinating deliveries to distribution centres. Unsold general merchandise began piling up in warehouses. Meantime, key staff, such as company buyers, had quit rather than relocate to the new corporate headquarters. Loblaw began losing money, quarter after quarter, and by the end of fiscal 2005, the company had recorded its first year-end loss in almost twenty years. In September 2006, John Lederer resigned as president of Loblaw Companies Limited and W. Galen Weston stepped down as chairman of the board. Weston's son, Galen G. Weston, was appointed executive chairman, while former Canadian Tire retail head Mark Foote became president and Allan Leighton, a prominent UK executive and longtime advisor to the senior Weston, took on the job of deputy chairman. Dalton Philips was