After "a lengthy and thorough review process," Tire Factory Inc. has decided to part ways with CEO John Kreidel.
In a letter to members, Chairman Eric Gill said the change in the leadership of the cooperative was the result of "an ongoing deliberative process by the board and was not precipitated by any specific action or event."
Walter Lybeck, Tire Factory's chief financial officer, is serving as interim CEO.
Kreidel will work with the board and Lybeck to facilitate a smooth transition, according to Gill.
"The board wants to recognize John’s significant contributions to Tire Factory over the last five years and thank him for his hard work and substantial effort in establishing a solid foundation for the cooperative’s future. Tire Factory is committed to its plan for expansion and growth for each member and the cooperative under the Point S brand."
(The first rebranded Point S outlet opened Aug. 15, 2015, in Sumner, Wash.)
"You, our members, continue to be our greatest strength," wrote Gill. " Change always creates new challenges. We are confident our current management team is capable of accelerating the growth of our members’ businesses and increasing our market share.
"Our excellent management team will drive the next stage of our company development and growth as a leader in the retail tire industry."
Kreidel is the second major tire distribution company executive to depart within a week. American Tire Distributors Inc. announced the retirement of its president and chief executive officer, William Berry, on Aug. 12.
