In a sudden and surprising move, household, automotive and sporting goods retailer Canadian Tire has made the decision to replace CEO Michael Medline with his predecessor Stephen Wetmore, effective immediately. Wetmore will remain a Director of the company but will step down as Deputy Chairman of the Board.
Wetmore initially held the CEO position at Canadian Tire from January 2009 to December 2014.
According to Maureen Sabia, the chairwoman of Canadian Tire’s Board of Directors, the decision to replace Medline (who became President in 2013, and CEO in 2014) is due to “unprecedented change in the retail industry.”
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Since the time of Medline’s appointment as CEO, global oil prices fell to below $50 a barrel, leaving Western Canada in economic distress. Recently, the company has brought its focus to digital by improving its web site with omnichannel solutions.
“Stephen transformed our company during his previous tenure and laid the foundation for our current performance,” said Sabia in a statement. “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.”
