TORONTO, Nov. 6 /CNW/ - The Board of Directors of Canadian Tire Corporation, Limited (TSX: CTC.A, CTC) ("the Company") today announced the appointment of Stephen G. Wetmore as the Company's next President and Chief Executive Officer, effective the beginning of 2009. He will succeed Tom Gauld who is retiring from that role at the end of this year, and will continue as a member of the Company's Board of Directors.

Wetmore, 55, is an experienced chief executive officer who has led large, complex businesses in different industries, including telecommunications, information technology and transportation. He has been responsible for regional, national and international business operations. Most recently, he served as President and Chief Executive Officer of Bell Aliant Regional Communications Income Fund, one of North America's largest regional telecommunications providers. He has led a number of other public companies and has served as an independent member of Canadian Tire's Board of Directors since 2003.

Maureen Sabia, Chairman of Canadian Tire's Board of Directors, said "We're delighted to have secured someone of Stephen's stature and experience as our next President and CEO. This appointment reflects our Board's ongoing focus on succession planning and we are extremely pleased with the result. Stephen has a deep knowledge of Canadian Tire through his service on our Board and its committees. With an enviable record of leading public companies, he has successfully created new and market-changing organizations, 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. In his new role, Stephen will continue the execution of our current strategy and enhance the Company's relationships with its customers, shareholders, dealers and employees across Canada. Our shared goal is to enhance the power of our brand and to make Canadian Tire the best it can be in meeting the needs of our customers, every day."

Sabia added that, "Tom Gauld has made a valuable contribution to Canadian Tire. He has driven our business strategy, helped to instill a culture of accountability and invested in initiatives for the Company's long-term growth and success. He also worked with the Board in identifying Stephen Wetmore as the right person to succeed him at this time. We are pleased that Tom has accepted the Board's invitation to continue as a member of our Board of Directors following the leadership transition."

"This is about seizing opportunity when it comes knocking," said Tom Gauld, "and it's about getting the right person for the long term. Stephen announced late in the summer of 2008 that he would be leaving Bell Aliant. 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. I am delighted with the outcome."

Stephen Wetmore said, "I am truly honoured to join this great Canadian icon. I have admired Canadian Tire for many years. My role as a Board member has only increased my appreciation of the strength and responsibility associated with one of Canada's most recognized and trusted brands.