New Blood, Higher Profits at Canadian Tire

Canadian Tire Corp, the northern North American tyre store that sells everything from dog food to gym equipment, has a new president and CEO. Stephen G. Wetmore was appointed to the position on November 5, replacing Tom Gauld, who had served in the role since 2006. Prior to his latest role, Wetmore served as CEO at Bell Aliant Telecommunications, a subsidiary of Canada’s largest telecommunications company, BCE.

“With an enviable record of leading public companies, [Wetmore] has successfully created new and market-changing organisations, built brands, managed complex relationships and distribution channels and, perhaps most important of all, has shown a proven commitment to customer service and to productivity,” said Maureen Sabia, Canadian Tire’s chairman, who coincidentally is sister of former BCE CEO Michael Sabia.

While Mr. Gauld said he would like to have remained as CEO, he acknowledged Wetmore’s abilities. “I had intended to continue in my present role a little longer. However, the opportunity to recruit someone of Stephen’s stature to lead the company beyond that timeframe led me and the board to revisit our succession timetable,” Gauld said in a news release.

News of this changing of the guard was accompanied by the company’s latest quarterly financial details, which show a higher profit. The company said on November 5 it made a profit of C$108.6 million (£58.4 million) in the quarter, up from C$102.5 million (£55.1 million), in the same period last year. Sales for the quarter were C$2.26 billion (£1.2 billion), up 10.2 per cent from last year.