By James Barrie C anadian Tire is bringing back more than a cata- logue to boost sales for the retailer. In a surprise move that industry analysts suspect was driven by the board Canadian Tire has brought back former CEO and company veteran, Stephen Wetmore. The company said that Wetmore will step down as the deputy chairman of its board but will remain a director as he takes over as CEO. Wetmore will replace Michael Medline who took over as CEO in December 2014 after replacingWetmore who had held the CEOposition for five years at that time. It was also announced that Wetmore will also be the company’s president. Canadian Tire has been investing in technologies such as an app that helps customers locate products in store and a recent interactive catalogue that allows readers to access online information with their smart phones.
by the board, which felt Wetmore was a better fit to lead Canadian Tire through the change in the retail industry toward online sales. The Toronto-based company, which sells auto, sports, leisure, home and other products, said it was bringing Wetmore back to lead the company “through the increas- ing complexities of the new world of retail.” The board decision has not fared well with investors as the news has seen Canadian Tire’s shares fall as much as 6.3 percent, from July 12th at $144.39 to $135.20 on August 2nd, representing its biggest percentage loss in more than four months. But all of the downturn for Canadian Tire cannot be placed on the unexpected departure of CEO, Michael Medline as the company has been battling with their customer’s dissatisfied with the retailer’s online experience.
It is believed that the change in leadership was driven
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SPOTLIGHT ON BUSINESS • AUGUST 2016
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