Wetmore, who has held the position for nine years, is retiring effective immediately, and will give up his board seat. Hicks most recently led the company’s retail division. (Reuters)
Talking point: Hicks’s appointment comes amid broader executive restructuring at the retail giant. Gregory Craig was named executive vice-president and CFO, and Mahes Wickramasinghe was appointed president of financial services and president and CEO of Canadian Tire Bank, both effective this month. The board had brought Wetmore back to the helm in 2016, after serving as CEO from 2009 to 2014, with the aim of focusing on long-term goals amid retail’s digital disruption. Since then, its e-commerce business has grown substantially, having doubled its home-shipping business for the last quarter of 2019, compared to the year before. The board’s new CEO pick is a vote of confidence in Hicks’s ability to shift the firm’s retail business online at a time of heightened competition from rivals like Amazon and Walmart.