TORONTO  — Canadian Tire Corp. has appointed Stephen Wetmore president and chief executive officer of the company, effective immediately.  Wetmore, who served as CEO of Canadian Tire from January 2009 to December 2014,  succeeds Michael Medline who became President in 2013 and CEO in 2014.

Stephen Wetmore

“The board has taken a unanimous decision to change the leadership of the company at a time of unprecedented change in the retail industry,” said chairman Maureen Sabia. “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.”

As he takes on his executive leadership role, Wetmore is stepping down from his post as deputy chairman of the board. He will remain a director of the company.

“The board of directors has given me a clear mandate to take our iconic brand to the next level,” stated 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.”

In her statement, Sabia said the board wanted to thank Michael Medline for his contributions to Canadian Tire 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,” Sabia said.