Canadian Tire focuses on business performance and customer-centred growth

TORONTO, Nov. 12 /CNW/ - Canadian Tire Corporation, Limited (CTC, CTC.a) today announced organizational changes to focus on business performance and customer-centred growth. Although operating as five inter-related businesses, Canadian Tire has been building on a series of changes throughout 2009 to focus on growing one great company focused on serving one valued customer.

Operating as One Company - Serving One Customer

"Canadian Tire is fortunate to have great management talent with years of experience and insight that reaches across all our business units," said Stephen Wetmore, CEO and President of Canadian Tire. "I want to use this great asset to drive customer-focused growth across the entire company. This is why you are now seeing a focus on company-wide corporate functions, company-wide performance and a company-wide automotive strategy."

"Canadian Tire's growth will be found in operating and thinking as one great company serving one valued customer," concluded Mr. Wetmore. "We will continue to align the Company behind our strong and trusted brands, our valued talent and company-wide strategies that offer growth opportunities and valuable services for our customers."

Centralization of Key Corporate Functions

Key corporate functions that cut across the entire company are being centralized under single points of leadership to allow for clarity and focus in our company-wide strategies while still maintaining flexibility to make the right decisions for each of our respective businesses. Finance, human resources, information technology, communications, government relations, legal and real estate will benefit from single directions and strategies while still closely working with and supporting our business units.

Company-Wide Financial Strategy & Performance

In order to bring a company-wide perspective to Canadian Tire's strategic and operational planning efforts and help maximize the financial performance of the organization, Huw Thomas is becoming Executive Vice President, Financial Strategy & Performance.

Mr. Thomas will act as a senior strategic advisor to the CEO, responsible for providing company-wide alignment of financial strategy and maximizing performance across the organization.

Formerly the Company's Chief Financial Officer (CFO), Mr. Thomas will assume his new role effective Monday, November 16 while retaining responsibility for investor relations. Uniquely qualified for this new position, Thomas has spent more than thirteen years at Canadian Tire in senior financial roles at Financial Services, Canadian Tire Retail and Corporate, including 9 years as the Company's CFO.

Centralized Financial Operations Under New Chief Financial Officer

Company-wide financial operations will now be centralized under Marco Marrone who has been appointed Chief Financial Officer & Executive Vice President, Finance effective Monday, November 16. Finance will now benefit from a single direction and strategy while still closely working with and supporting Canadian Tire's operating units.

Most recently President of Canadian Tire Financial Services (CTFS), President and CEO of Canadian Tire Bank and a key member of the executive management team, Mr. Marrone has more than 23 years of experience at Canadian Tire and has served in finance, credit risk management, information technology, marketing and operations. Mr. Marrone brings significant financial operations experience to his new role, including his most recent experience at CTFS.

Mr. Marrone has an MBA from McMaster University, is a professional accountant and is a Fellow of the Society of Management Accountants. He is also a graduate of the McMaster University College for Corporate Directors.

New President, Canadian Tire Financial Services

Dean McCann has been appointed President, Canadian Tire Financial Services and an Officer of Canadian Tire Corporation. A 13-year veteran of Canadian Tire with 10 years at Canadian Tire Financial Services, McCann has been a key member of the Financial Services' executive team, most recently serving as Vice President, Retail Banking.

Company-Wide Focus on Automotive Strategy and Growth

Canadian Tire has significant automotive assets, with more than 5500 service bays, 476 retail stores, 87 PartSource locations, 273 Petroleum locations and an extensive range of hard parts and accessories. The Company's automotive business is a key differentiator from our competitors and is critical to the perception of our brand.

The Company is now taking the combined strengths and resources in all aspects of Automotive and across all business units (including PartSource, Petroleum, automotive hard parts, accessories, service centres and tires) and is approaching this business with a single strategic clarity to drive growth.

Michael Medline has been appointed President, Canadian Tire Automotive and Dealer Relations to oversee this new company-wide focus. Mr. Medline is responsible for the development and execution of the automotive strategy and business plan that will encompass every corner of Canadian Tire's automotive business.

Mr. Medline has nine years of progressively senior roles at Canadian Tire, including his responsibility for the Company's valued dealer network. Mr. Medline will continue to work with our Dealers to grow the Company's broader retail and automotive businesses as one company - serving one valued customer.

Canadian Tire Corporation, Limited (TSX: CTC.a, CTC) is comprised of five business units: Canadian Tire Retail, one of Canada's most-shopped general merchandise retailers with 476 stores; PartSource, an automotive parts specialty chain with 87 stores; Canadian Tire Petroleum, one of the country's largest and most productive independent retailers of gasoline, operating 273 gas bars, 268 convenience stores and kiosks, and 73 car washes; Mark's Work Wearhouse, one of the country's leading apparel retailers operating 374 stores in Canada; and Canadian Tire Financial Services that has issued over five million Canadian Tire MasterCard credit cards and markets related financial products and services for retail and petroleum customers. More than 57,000 Canadians work across Canadian Tire's organization from coast-to-coast in the enterprise's retail, financial services, and petroleum businesses.

SOURCE Canadian Tire Corporation, Limited

For further information: For further information: Media: Lisa Gibson, (416) 544-7655, lisa.gibson@cantire.com; Investors: Karen Meagher, (416) 480-8058, karen.meagher@cantire.com

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Canadian Tire Corporation, Limited

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