Canadian Tire abruptly shuffles out CEO, replaces him with predecessor
TORONTO — In a surprise move, the head of one of Canada’s biggest retailers, Canadian Tire, is leaving the top job after less than two years.
Canadian Tire Corp. (TSX:CTC.A) announced Wednesday that president and CEO Michael Medline is being replaced by his predecessor, Stephen Wetmore. The shakeup is effective immediately.
The newly-reinstated Wetmore will step down as deputy chairman of the board, but will stay on as a director at the company.
“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.