The Board of Directors of Canadian Tire
Corporation, Limited announced the appointment
Gauld as President and CEO and a Director of the Corporation, succeeding
Sales. Mr. Sales has stepped down from the Board and his position as
and CEO, but has agreed to remain available to the organization for the term
of his employment contract to facilitate a smooth transition for Mr. Gauld.
Mr. Sales has been appointed Vice-Chairman in an advisory capacity to Mr.
Gauld and the Company. The changes are effective immediately.
The Board of Directors put in place a process for CEO succession in
prompted by the June, 2007 expiry date of Mr. Sales’ contract. During the
process, Mr. Sales confirmed to the Board that it was highly unlikely
would consider an extension to his current contract. The Board recently
accelerated the succession process, which culminated in the
Mr. Gauld, the past President of Canadian Tire Financial Services, as the
preferred successor to Mr. Sales.
“We are delighted to have been able to entice Tom away from his very
brief retirement to rejoin the Company as CEO,” said Gil Bennett,
Canadian Tire. “Tom has skills that are applicable to the management of any
business and are ideally suited to the leadership of Canadian Tire. Tom
keen strategic insights, consumer products and customer relationship
experience, an understanding of the potential of Canadian Tire’s
network of businesses and an exceptional track record of developing and
motivating people. He is an individual with the highest level of
he is an accomplished businessman. The Board has every expectation that Tom
will fulfill the role of CEO in an exemplary manner and continue to advance
the growth of Canadian Tire from the strong financial and strategic position
established under the leadership of Wayne Sales.”
Mr. Bennett added that, “We are equally pleased that Wayne will remain
with the Company. Wayne has served the interests of Canadian Tire
extraordinarily well and his knowledge of retail matters is of great
the organization. Wayne’s new role will help to ensure a smooth
bring continuity to the execution of strategic initiatives underway.”
Mr. Gauld joined Canadian Tire Financial Services in 1993 as
Vice-President of Marketing and soon assumed the role of president of
Tire Financial Services and Officer of the Corporation. Leveraging the
Canadian Tire store network and loyalty program, Mr. Gauld led the
transformation of Financial Services from a retail credit card company to a
financial institution offering Canadian Tire customers a wide-range of
competitive products and services. Committed to Canadian Tire’s vision of
creating Customers for Life, Mr. Gauld and his team tripled the revenues and
earnings of Financial Services during his tenure. In the Welland-Niagara
region where Financial Services is one of the leading employers, Mr. Gauld’s
legacy is one of mentoring and community service. He created a culture of
continuous learning and of volunteerism, leading by example as a fundraiser
and advisor to a number of non-profit and academic institutions.
As an Officer of Canadian Tire Corporation and a member of the
team for over 10 years, Mr. Gauld was deeply involved in the decisions that
shaped the direction of the entire company, including the planning and
implementation of both the successful 2001 – 2005 Strategic Plan and the
current plan that guides the Company’s future growth.
“The most rewarding years of my career so far have been spent at
Tire,” said Tom Gauld. “I am thrilled and deeply honoured to have been
selected by the Board to lead this remarkable Company. The Board’s plans for
succession, and Wayne’s own contractual arrangement well into 2007,
too long a time horizon when I was determining my own future well over a
ago. After 10 years building Financial Services, I was ready to move on and
had talent of the highest calibre on my team that deserved the
lead. I was not prepared to wait out the succession process initially
identified by the Board and so I chose to retire. I am delighted that a new
and highly desirable door has been opened. I am walking in with great
anticipation, fully confident in the colleagues I have worked alongside
many years and in the strategies of this organization.”
Prior to joining Canadian Tire Financial Services, Mr. Gauld was
President of RoadMaster Leisure Inc., Managing Director of Spalding
Europe and President of Spalding Sports Canada Ltd. He has also held a
of senior management positions with organizations around the world. Mr.
has served as Chairman of the Niagara College Board of Governors and as a
member of the Board of Trustees of Brock University as well as a member
Shaw Festival Board of Governors, a member of the Advisory Board of Equifax
Canada and on the Board of Directors of MasterCard Canada.
“Tom’s wealth of experience, gained through 10 years as an Officer of
Canadian Tire Corporation, building Financial Services and his earlier
career, positions him exceptionally well to lead Canadian Tire into the
future. Tom and I have worked very well together for many years and I have
every confidence in his abilities. He has my full support as he takes on his
new role. In each of our businesses today, we have very strong retail talent
and sound strategies that will keep this Company growing and among the
the world,” said Wayne Sales.
Canadian Tire Corporation, Limited operates more
1,100 stores, gas bars and car washes in an inter-related network of
businesses engaged in retail, financial services and petroleum. Canadian
Retail, Canada’s most-shopped general merchandise retailer, with 462 stores
operated by Associate Dealers across Canada offers a unique mix of products
and services through three specialty categories in which the organization is
the market leader – Automotive, Sports and Leisure, and Home Products.
www.canadiantire.ca offers Canadians the opportunity to shop online.
PartSource is an automotive parts specialty chain with 54 stores designed to
meet the needs of purchasers of automotive parts – professional automotive
installers and serious do-it-yourselfers. Canadian Tire Petroleum is one of
the country’s largest and most productive independent retailers of gasoline,
operating 259 gas bars, 247 convenience stores and kiosks, and 67 car
Mark’s Work Wearhouse is one of the country’s leading apparel retailers
operating 334 stores in Canada. Under the Clothes that Work(TM) marketing
strategy, Mark’s sells apparel and footwear in work, work-related,
active-wear categories, as well as health-care and business-to-business
apparel. www.marks.com offers Canadians the opportunity to shop online.
Canadian Tire Financial Services manages over 4 million Canadian Tire
MasterCard accounts and markets related financial products and services for
retail and petroleum customers. Financial Services can also be accessed
at www.ctfs.com. More than 50,000 Canadians work across Canadian Tire’s
organization from coast-to-coast in the enterprise’s retail, financial
services, and petroleum businesses.