The board of directors of Canadian Tire Corp. Ltd. has appointed Stephen Wetmore president and CEO, effective immediately.
Wetmore was Canadian Tire’s CEO from Jan. 2009 to Dec. 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," says Maureen Sabia, chairman of the board of directors.
"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," says Sabia.
Wetmore will remain a director but will step down as deputy chairman of the board.
"The board of directors has given me a clear mandate to take our iconic brand to the next level," says 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 Corp. 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," says Mureen Sabia.
Canadian Tire Corp. Ltd. is a family of businesses that includes a retail segment and a financial services division. For more information, visit Corp.CanadianTire.ca.