Canadian Tire CEO Extends Contract

Canadian Tire has announced that president and CEO Wayne Sales has agreed to extend his contract with the retailer until mid-2007.
The new agreement extends Sales’ employment from his current contract, which would have expired in August of 2005. Terms and conditions of the new agreement are substantially the same as Sales’ former contract.
Chairman of the board Gil Bennett commented, “The board of directors is delighted that Wayne has agreed to extend his tenure. Canadian Tire has delivered consistently profitable growth since Wayne became president and CEO in 2000 and since the adoption of the company’s strategic plan. He has motivated and led a team of employees to achieve first quartile ranking among North America’s largest retailers in total return to shareholders in each of the last three years.
"Wayne’s commitment to customer satisfaction, shareholder value, team development and social responsibility is both admirable and essential to preserving Canadian Tire’s reputation.”
“I’m very happy to continue as the CEO of Canadian Tire,” added Sales. "I take great pride in what has been accomplished so far and I look forward to building on our success.”