Canadian Tire (TSE:CTC.A) has appointed company president Michael Medline to the top spot. Medline has acted as president since Nov. 2013, and his promotion to CEO will become effective Dec. 1.
Current CEO Stephen Wetmore will remain on the board of directors as deputy chairman, a new non-executive position created especially for him. Wetmore told the board of directors in early 2013 that he had completed many of his objectives for the company in his six-year tenure and planned to leave the top spot with the company in good standing. He reportedly believed it was time to allow a successor to take his place.
"Michael's first-hand knowledge gained while running many of our business divisions and the role he has played for years in developing our strategy and leading our acquisitions uniquely position him now to assume the CEO role," said Maureen Sabia, chairman of the board of directors. "We will have as our CEO one of the industry's most innovative leaders."
Medline has held senior executive positions with Canadian Tire for more than 13 years and has piloted many of the company's strategic ventures, such as the acquisition of Mark's in 2002, the acquisition of Forzani Group in 2011, the acquisition of Pro Hockey Life, and the formation of the Scotiabrand partnership announced in May. Press Release