Toronto – Canadian Tire Corp. has named Michael Medline, who has served as company president since November 2013, as president and CEO effective Dec. 1. Current CEO Stephen Wetmore has agreed to remain on the board of directors in a new, non-executive position of deputy chairman.
Wetmore advised the board of directors in early 2013 that as he was approaching six years as CEO he had completed many of his original objectives and with the company in a very strong position, he believed that the time was right to begin to plan the transfer of the president and CEO roles to a successor.
Medline has been a senior executive of Canadian Tire for more than 13 years and has led many of the company's most strategic initiatives, including the acquisition of Mark's in 2002, the acquisition of the Forzani Group in 2011, the acquisition of Pro Hockey Life and the recently announced Scotiabank partnership in May 2014.
For the second quarter of fiscal 2014, Canadian tire reported consolidated earnings per share of $2.12, an 11% increase. Consolidated retail sales rose 5% to $4.8 billion, from $4.52 billion. Same-store sales at Canadian Tire increased 2.8%.