Canadian Tire replaces CEO in shock shakeup

By anna smith

In a shock move, the CEO of one of Canada’s biggest retailers is stepping down after less than two years in his role.

On Wednesday, Canadian Tire Corp. announced that president and CEO Michael Medline is being replaced by ex-CEO Stephen Wetmore. The reshuffle is effective immediately.

Newly-reinstated Wetmore will step down as deputy chairman of the board, but will continue as a director at the company. Wetmore was CEO from January 2009 to December 2014, when Medline took over.

"The board of directors has given me a clear mandate to take our iconic brand to the next level," he said in a statement, adding that the retailer needs to continue to "rapidly evolve" to meet customers' and shareholders' expectations.

The unanimous board decision is due to “unprecedented change in the retail industry” said chairwoman of Canadian Tire’s board of directors, Maureen Sabia.

Since Medline was appointed as CEO of Toronto-based Canadian Tire, prices have plunged to below $50 US a barrel, creating economic hardship in Western Canada. Simultaneously, Canadian Tire has also had to tackle U.S. competitors such as Walmart and Lowe's, which recently merged with home renovation retailer Rona.

"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," said Sabia.
 

Follow @BizReviewCANADA

Read the July 2016 issue of Business Review USA & Canada magazine

SOURCE: [CBC]

 

Share

Featured Articles

Sustainability, ESG, net zero in focus at must-attend event

Sustainability takes centre stage at two-day hybrid conference featuring thought leaders covering circular economy, scope 3, ESG, B Corp, net zero, DE&I

Must-attend sustainability events for executives in 2022/23

Discuss and debate the most pressing issues around sustainability at these nine executive events – from London to Abu Dhabi, San Diego to Singapore

Meet the CEO on a mission to nurture women leaders in Africa

The argument for women leaders in Africa is compelling, yet numbers are small. But one female leader is on a mission to change that – Awamary Lowe-Khan

BCG's Daniel Weise on supply chain and procurement strategy

Leadership & Strategy

Flexible work perks heat up as the war on talent rages

Human Capital

Meet the COO: Former Israel Defense Force cyber lead Parnes

Technology & AI