LCBO CEO George Soleas to step down, new leadership taking over

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George Soleas is stepping down as CEO of the Liquor Control Board of Ontario effective Jan. 31, 2026.

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His replacement, at least on an interim basis, will be Aaron Campbell, currently serving as vice-president in charge of corporate affairs, strategy, and sustainability.

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Soleas joined the LCBO in 1997 after a decade with Andres Wines, now known as Andrew Peller Limited. He held various positions within the LCBO, moving up the ranks until he was appointed CEO in May 2016 by the Wynne government and then-finance minister Charles Sousa.

A statement Monday from the LCBO on Soleas’ departure said that Soleas had strategically positioned the LCBO to be a leader in alcohol sales for decades to come.

“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,” said Carmine Nigro, chair of the board, LCBO.

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A leader in time of massive change

Soleas was in charge over a time of dramatic change at the LCBO and the industry may take a different view than Nigro.

It was the Wynne government that appointed Soleas as CEO just as they were allowing the sale of beer and wine in some 450 grocery stores starting in October 2016. As the pandemic shifted the retail environment, he oversaw the organization as stores limited hours for a time and adjusted to how bars and restaurants were serviced.

And of course, Soleas was in charge as the Ford government further expanded retail options by expanding the sale of beer, wine and ready-to-drink beverages to more grocery stores as well as convenience and big box locations.

The most recent fiscal update from the province showed that for the first time in more than a decade, the LCBO will return a dividend to the province of less than $2 billion, coming in at just $1.85 billion for the 2025-26 fiscal year.

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Expanded alcohol sales not to blame for decline

Some have blamed the decline on the expansion of retail outlets, that’s part of the story, but only a small part.

Overall, alcohol consumption has been in decline for several years. Older Canadians are drinking less for health reasons; younger Canadians are turning to cannabis rather than beer and wine. Our shifting immigration patterns are also seeing an influx of people from countries and cultures, particularly Islam, where alcohol consumption is frowned upon.

There is a major shift happening, and the LCBO has not managed itself properly to account for this. The LCBO currently has a smaller per capita return to Ontario’s coffers than their counterparts in other provinces.

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In 2024, the LCBO’s dividend to the province amounted to $159 per capita compared to $161 in Quebec, $164 in Alberta, and $202 in British Columbia.

As if that isn’t bad enough, the LCBO sells Ontario-made products for more money than those other provinces and still has a smaller return. An Ontario-made product such Wiser’s Deluxe Canadian whiskey will cost you $32.95 at the LCBO, but just $31.25 in Quebec, $28.99 in Alberta and $27.99 in British Columbia.

Change in leadership is needed for the new era

Clearly, something is going to have to change at the LCBO.

Campbell, the interim CEO, joined the LCBO in July 2017 and has been working closely with Soleas ever since. He will take over on an interim basis on Feb. 1, though could become permanent CEO down the road.

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“In addition to extensive experience in public service, Aaron has a deep understanding of LCBO’s operations and strong connections with industry stakeholders and Ontario’s local producers. Aaron is well-positioned to lead the agency as we work through next steps and the Board thanks him for his leadership at this critical time,” Nigro added in his statement.

Campbell is a favourite of Nigro’s with the board chair pushing for him to replace Soleas when the time came. His reputation in the industry is more mixed, with many fans and but also detractors.

There is no word yet on whether there will be a search for a new CEO of the $7.5-billion-a-year corporation.

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