Stephen Wetmore to retire as CEO after 9 years of exceptional performance

TORONTO, March 12, 2020 /CNW/ - Canadian Tire Corporation, Limited (TSX:CTC, TSX:CTC.a) today announced the appointment of Greg Hicks as President and Chief Executive Officer of Canadian Tire Corporation, and to the Board of Directors of the Company, effective immediately. Mr. Hicks most recently served as President, Canadian Tire Retail (CTR), the Company's largest business representing over $9 billion in revenue.

"The appointment of Greg Hicks follows a rigorous global search process that considered a number of high quality internal and external candidates. The lens that the Search Committee adopted in evaluating the candidates focused on the strategic priorities of the Company and the key characteristics required to address them," said Maureen Sabia, Chairman of Canadian Tire Corporation.

"In Greg Hicks, the Company has selected a world-class leader with a strategic mindset, a proven ability to build high-performing teams and deliver exceptional results. Greg brings a deep understanding of the CTC business model and strategic priorities, a relentless focus on the customer and tremendous commercial acumen. Greg has been instrumental in the development and implementation of our very successful digital and eCommerce strategy and played a lead role in our Company's focus on customer data and analytics. His strong relationship with Canadian Tire's Associate Dealers, and his leadership of our Operational Efficiency program, will be of key importance in his role as CEO," added Sabia.

Greg Hicks said: "I want to thank the Board for demonstrating its confidence in me. I am very excited and proud to take on this critical role in a company that has meant so much to me and my family. Importantly, I want to thank Stephen Wetmore for his leadership, mentorship and vision. I am fortunate to be taking on my new role on the foundation of a proven business strategy, strong executive team, and dedicated Dealers and employees that will support our ambitious plans for future growth."

Greg Hicks brings over 20 years of retail experience in senior leadership positions, including seven years at CTC. As President of CTR, Greg oversaw all aspects of the business, including building a multi-billion-dollar Owned Brands portfolio. Previously, he was Canadian Tire's Group Senior Vice-President, Consumer Products & Retail Experience, where he led the General Merchandise and Automotive businesses, and was also responsible for managing Store Experience, Store Operations, Product Sourcing and Quality, including the management of the Company's Pacific Rim offices in Asia. In addition, he has held roles in private equity in small to mid-size Canadian retail businesses. Currently, Greg serves as Chair of the Retail Council of Canada and as a CT REIT Trustee.

Stephen Wetmore is also stepping down as a member of the Board, having first been elected in 2003. Mr. Wetmore will act as an advisor to the Company as Honourary Director until the end of 2020 supporting Mr. Hicks to help ensure a smooth transition.

"Stephen has been a key architect of the business strategy that drives our continued exceptional performance. He is a once-in-a-generation leader and I was privileged to work with him as a Board member and to support him throughout his two terms as CEO. On behalf of the Board and all our employees, I want to thank Stephen for his enormous contribution to Canadian Tire and for his continued support of Greg during the transition process," continued Sabia.

ABOUT CANADIAN TIRE CORPORATION
Canadian Tire Corporation, Limited, (TSX: CTC.A) (TSX: CTC) or "CTC", is a family of businesses that includes a Retail segment, a Financial Services division and CT REIT. Our retail business is led by Canadian Tire, which was founded in 1922 and provides Canadians with products for life in Canada across its Living, Playing, Fixing, Automotive and Seasonal & Gardening divisions. PartSource and Gas+ are key parts of the Canadian Tire network. The Retail segment also includes Mark's, a leading source for casual and industrial wear; Pro Hockey Life, a hockey specialty store catering to elite players; SportChek, Hockey Experts, Sports Experts, National Sports, Intersport and Atmosphere, which offer the best active wear brands; and Party City Canada, a leading, one-stop shopping destination for party supplies and seasonal celebrations. The more than 1,740 retail and gasoline outlets are supported and strengthened by CTC's Financial Services division and the tens of thousands of people employed across Canada and around the world by the Company and its local dealers, franchisees and petroleum retailers. In addition, CTC owns and operates Helly Hansen, a leading global brand in sportswear and workwear based in Oslo, Norway. For more information, visit Corp.CanadianTire.ca.

FOR MORE INFORMATION
Media: Jane Shaw, (416) 480-8581, jane.shaw@cantire.com  
Investors: Lisa Greatrix, (416) 480-8725, lisa.greatrix@cantire.com

SOURCE CANADIAN TIRE CORPORATION, LIMITED