TORONTO, Feb. 22, 2012 /CNW/ - Canadian Tire Corporation, Limited (the
"Company") (TSX: CTC, CTC.a) today announced management and
organization changes to heighten focus on the execution of the
Company's strategic plan to grow the core Canadian Tire Retail (CTR)
division, ensure strong and growing business units, drive performance
and productivity, and develop new platforms for growth.
"Canadian Tire posted excellent results in 2011 and we have entered 2012
on a very strong footing. I believe we have the right strategy and we
are making the right investments, our priority must now be exceptional
execution in concert with our Canadian Tire Dealers," said Stephen
Wetmore, President and CEO, Canadian Tire Corporation (CTC). "It's all
about people. This announcement continues our plan to select our best
leadership talent, and ask them to take on new challenges in order to
keep us on offense in this competitive retail environment."
Driving 'Core' Growth in Canadian Tire Retail
"I am very pleased to announce the appointment of Marco Marrone to the
critical role of Chief Operating Officer for our core retail business,
Canadian Tire Retail. Marco has repeatedly demonstrated his ability to
execute against our objectives and deliver results," continued Mr.
CTR is well known for its authority in the living, fixing, playing and
automotive categories. Over the past two years, the Company had
separated its operations within CTR to provide focus to critical areas
of the business. In order to grow the core business, drive speed and
efficiency of execution and build on the successes achieved, the
various areas of CTR will now report directly to the Chief Operating
Officer. Mr. Marrone will have oversight of all of CTR's operations,
including merchandising, marketing, supply chain, and store operations
including Dealer relations.
Following several years as President and the head of operations at
Canadian Tire Financial Services, Mr. Marrone joined CTC in 2009 as
Executive Vice President and Chief Financial Officer. In addition to
gaining an in depth knowledge of the Company's retail operating
environment, Mr. Marrone has completed major projects such as the
two-year project to adopt International Financial Reporting Standards
at CTC and has taken executive responsibility for CTR's recently
launched loyalty trial and the Company's digital strategy. He now leads
a seasoned team within Canadian Tire Retail and over the coming months
will look to further strengthen the Company's merchandising leadership.
Developing New Platforms for Growth
Mike Arnett becomes Executive Vice President, Corporate Development.
"Mike has done an exceptional job in driving growth in Canadian Tire
Retail over the past five years. As part of the Mark's acquisition team
and given his most recent role as President of CTR, Mike is perfectly
positioned to accelerate our enterprise-wide efforts in new business
development," said Mr. Wetmore.
Developing new platforms for growth is a critical component of the
Company's strategy. The successful acquisition of the former Forzani
Group in 2011 is an example of establishing a growth platform as the
ultimate authority for sport in Canada. Mr. Arnett will also assist
with the oversight of global sourcing activities for the enterprise and
with the execution of Mark's strategic plan.
Driving Performance and Productivity
Dean McCann has been appointed as the Company's Chief Financial Officer and
Executive Vice President, Finance, replacing Marco Marrone. Mr. McCann
will be responsible for the financial and investor relations functions
of the Corporation and will guide the Company's efforts to achieve its
stated financial aspirations of top line growth, total return to
shareholders, return on invested capital, and return on receivables.
In his most recent role as President of Canadian Tire Financial Services
and Canadian Tire Bank, Mr. McCann led strong, profitable growth in the
business unit through a period of significant global economic
uncertainty. Mr. McCann is a Chartered Accountant and has held
successive financial roles with the Company, including Corporate
Comptroller for CTC and Chief Financial Officer of CTFS and Canadian
Strong and Growing Business Units
Mary Turner takes on the roles of Chief Operating Officer of Canadian Tire
Financial Services (Financial Services) and President of Canadian Tire
Bank, replacing Dean McCann. Ms Turner will build on the success
achieved at Financial Services by continuing to pursue growth
opportunities and closely managing operational costs and credit risk.
Financial Services is playing an increasingly important role in
providing services to CTC business units, including in-store financing
programs and the recent launch of a "home services" business. Financial
Services will continue to pursue initiatives to support the growth of
the core retail business.
A 20-year veteran of Canadian Tire and former Chief Operating Officer of
Canadian Tire Bank, Ms. Turner has held positions of increasing
responsibility in finance, customer service, credit risk management,
and call centre operations.
Harry Taylor has been appointed Chief Operating Officer at Mark's, replacing Paul
Wilson who has decided to leave the Company.
"I fully understand Paul's desire to pursue other career interests. I
would like to express my sincere appreciation to him for building
Mark's into one of Canada's largest apparel retailers," said Mr.
Wetmore. "We hired Harry Taylor with the intent of putting him into an
operating role and I believe the challenges and opportunities at Mark's
represent a perfect fit for Harry".
Mr. Taylor is an experienced business executive with a proven
operational track record in retail and consumer goods, having served as
Senior Vice President, Operations with Home Depot Canada;
Vice-President, Customer Strategy, PepsiCo Inc.; as well as in senior
positions with Frito Lay and McKinsey & Company. More recently as part
of Holt Renfrew's senior executive team, Mr. Taylor had responsibility
for information technology, real estate, store planning, construction,
finance and treasury. Mr. Taylor joined Canadian Tire Corporation in
2010 to lead the Performance Management group for the family of CTC
The appointments are effective March 5, 2012.
This document contains forward-looking information that reflects
management's current expectations related to matters such as future
financial performance and operating results of the
Company. Forward-looking statements are provided for the purposes of
providing information about management's current expectations and plans
and allowing investors and others to get a better understanding of our
financial position, results of operation and operating
environment. Readers are cautioned that such information may not be
appropriate for other circumstances.
All statements other than statements of historical facts included in
this document may constitute forward-looking information, including but
not limited to, statements concerning management's expectations
relating to possible or assumed future prospects and results, our
strategic goals and priorities, our actions and the results of those
actions and the economic and business outlook for us. Often but not
always, forward-looking information can be identified by the use of
forward-looking terminology such as "may", "will", "expect", "believe",
"estimate", "plan", "could", "should", "would", "outlook", "forecast",
"anticipate", "foresee", "continue" or the negative of these terms or
variations of them or similar terminology. Forward-looking information
is based on the reasonable assumptions, estimates, analysis and
opinions of management made in light of its experience and perception
of trends, current conditions and expected developments, as well as
other factors that management believes to be relevant and reasonable at
the date that such statements are made.
By its very nature, forward-looking information requires us to make
assumptions and is subject to inherent risks and uncertainties, which
give rise to the possibility that the Company's assumptions may not be
correct and that the Company's expectations and plans will not be
achieved. Although the Company believes that the forward-looking
information in this document is based on information and assumptions
which are current, reasonable and complete, this information is
necessarily subject to a number of factors that could cause actual
results to differ materially from management's expectations and plans
as set forth in such forward-looking information for a variety of
reasons. Some of the factors - many of which are beyond our control and
the effects of which can be difficult to predict - include (a) credit,
market, currency, operational, liquidity and funding risks, including
changes in economic conditions, interest rates or tax rates; (b) the
ability of Canadian Tire to attract and retain quality employees,
Dealers, Canadian Tire Petroleum agents and PartSource, Mark's Work
Wearhouse and FGL Sports store operators and franchisees, as well as
our financial arrangements with such parties; (c) the growth of certain
business categories and market segments and the willingness of
customers to shop at our stores or acquire our financial products and
services; (d) our margins and sales and those of our competitors; (e)
risks and uncertainties relating to information management, technology,
supply chain, product safety, changes in law, competition, seasonality,
commodity price and business disruption, our relationships with
suppliers and manufacturers, changes to existing accounting
pronouncements, the risk of damage to the reputation of brands promoted
by Canadian Tire and the cost of store network expansion and retrofits
and (f) our capital structure, funding strategy, cost management
programs and share price. We caution that the foregoing list of
important factors and assumptions is not exhaustive and other factors
could also adversely affect our results. Investors and other readers
are urged to consider the foregoing risks, uncertainties, factors and
assumptions carefully in evaluating the forward-looking information and
are cautioned not to place undue reliance on such forward-looking
For more information on the risks, uncertainties and assumptions that
could cause the Company's actual results to differ from current
expectations, please refer to the "Risk Factors" section of our Annual
Information Form for fiscal 2010 and our 2010 Management's Discussion
and Analysis, as well as Canadian Tire's other public filings,
available at www.sedar.com and at www.corp.canadiantire.ca.
Statements that include forward-looking information do not take into
account the effect that transactions or non-recurring or other special
items announced or occurring after the statements are made have on the
Company's business. For example, they do not include the effect of any
dispositions, acquisitions, asset write-downs or other charges
announced or occurring after such statements are made.
The forward-looking statements and information contained herein are
based on certain factors and assumptions as of the date hereof. The
Company does not undertake to update any forward-looking information,
whether written or oral, that may be made from time to time by it or on
its behalf, to reflect new information, future events or otherwise,
unless required by applicable securities laws.
ABOUT CANADIAN TIRE
Canadian Tire Corporation, Limited (TSX: CTC, CTC.a) is one of Canada's
most-shopped general retailers and the country's largest sporting goods
retailer, with more than 1,700 retail and gasoline outlets from
coast-to-coast. Our primary retail business categories - Automotive,
Living, Fixing, Playing, Sports and Apparel - are supported and
strengthened by our Financial Services division, which offers such
products and services as Canadian Tire Home Services, credit cards,
retail deposits, in-store financing, product warranties, and insurance.
Nearly 68,000 people are employed across the Canadian Tire enterprise,
which was founded in 1922 and remains one of Canada's most recognized
and trusted brands.
SOURCE CANADIAN TIRE CORPORATION, LIMITED
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