TORONTO, July 13, 2016 /CNW/ - The Board of Directors of Canadian Tire Corporation today announced the appointment of Stephen Wetmore as President and CEO of the Company, effective immediately. Mr. Wetmore will remain a Director of the Company but will step down as Deputy Chairman of the Board. He was CEO of the Company from January 2009 to December 2014. He succeeds Michael Medline who became President in 2013 and CEO in 2014.
"The Board has taken a unanimous decision to change the leadership of the Company at a time of unprecedented change in the retail industry," said Maureen Sabia, Chairman of the Board of Directors of Canadian Tire.
"While our short-term priorities are delivering results, the Board's responsibility is the long-term success of Canadian Tire. Stephen transformed our Company during his previous tenure and laid the foundation for our current performance. We believe he is uniquely qualified to lead the Company through the increasing complexities of the new world of retail. His appointment as President and CEO is neither an interim, nor a short term, appointment," said Sabia.
"The Board of Directors has given me a clear mandate to take our iconic brand to the next level," stated Mr. Wetmore. "Every day our customers are demanding more control over their shopping experience. We must continue to rapidly evolve the Tire to exceed both our customers' and our shareholders' expectations."
"The Board of Directors would like to thank Michael Medline for his significant contribution to Canadian Tire Corporation over the last 15 years. Michael has been an integral part of Canadian Tire's growth story, and we appreciate all that he has done," said Maureen Sabia.
ABOUT CANADIAN TIRE CORPORATION
Canadian Tire Corporation, Limited, (TSX:CTC.A) (TSX:CTC) or "CTC," is a family of businesses that includes a retail segment, a financial services division and CT REIT. Our retail business is led by Canadian Tire, which was founded in 1922 and provides Canadians with products for life in Canada across its Living, Playing, Fixing, Automotive and Seasonal categories. PartSource and Gas+ are key parts of the Canadian Tire network. The retail segment also includes Mark's, a leading source for casual and industrial wear, and FGL Sports (Sport Chek, Hockey Experts, Sports Experts, National Sports, Intersport, Pro Hockey Life and Atmosphere), which offers the best active wear brands. The nearly 1,700 retail and gasoline outlets are supported and strengthened by our Financial Services division and the tens of thousands of people employed across the Company. For more information, visit Corp.CanadianTire.ca.
SOURCE CANADIAN TIRE CORPORATION, LIMITED
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