Canadian Tire Corporation Announces Chairman Succession

Canadian Tire Corporation, Limited (“CTC”) announced that Maureen Sabia will retire as Chairman and from the Board of Directors following the Company’s Annual Meeting of Shareholders on May 12, 2022. She will be succeeded as Chairman by J. Michael Owens following his re-election as a director at that meeting.

Mr. Owens has been a director of CTC since 2020 and currently chairs the Brand and Corporate Responsibility Committee. He is a Fellow of the Chartered Professional Accountants of Ontario and a former partner of Deloitte LLP. Throughout his career, Mr. Owens held several senior leadership roles at Deloitte Canada and Deloitte Touche Tohmatsu, Deloitte’s global network. Mr. Owens led strategy at Deloitte for high growth private companies in 150 countries and had management responsibility for the firm’s 50 Canadian offices.

“I am honoured to have been selected as CTC’s next Chairman of the Board. I am grateful for their confidence in me and look forward to working with my Board colleagues and the Management team on advancing the Company’s long-term growth strategy,” said Mr. Owens. “On behalf of the Board, thank you to Maureen for her vision, steadfast leadership, and tireless commitment to CTC, especially during the past two years, which has helped the Company emerge from the pandemic in a position of strength.”

“On behalf of our entire organization, I thank Maureen for her 37 years of dedicated service to CTC,” said Greg Hicks, President & CEO, Canadian Tire Corporation. “Maureen’s track record of strategic thinking and focus on execution has been instrumental in helping transform CTC into the strong and successful Company it is today. She has been a constant source of support to me and the Management team as we navigated through the pandemic and we have benefited greatly from her wisdom and her leadership.”

“I would also like to welcome Mike Owens as Chairman of the Board. I look forward to working with him in our 100^th year and beyond to further strengthen our Company and build on our longstanding commitment to make life in Canada better,” continued Hicks.

“Being part of the Canadian Tire family for many years has been, for me, an incredibly fascinating experience. With every challenge came a new learning. It was one of the greatest privileges of my career to have been part of the Tire’s history and its success. Having the opportunity to work with the Company’s talented management and with Martha and Owen Billes has been a truly exceptional gift,” said Maureen Sabia, Chairman of the Board, Canadian Tire Corporation. “After 15 years as Chairman, it is time to give the Board new leadership and I am delighted that Mike Owens will be my successor. Canadian Tire’s Board of Directors will benefit hugely from his leadership, as will Canadian Tire Corporation.”

About Canadian Tire Corporation

Canadian Tire Corporation, Limited, (TSX: CTC.A) (TSX: CTC) or “CTC”, is a group of companies 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. Party City, 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; and SportChek, Hockey Experts, Sports Experts, Intersport and Atmosphere, which offer the best active wear brands. The more than 1,700 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 CTC and its local dealers, franchisees and petroleum retailers. In addition, CTC owns and operates Helly Hansen, a leading technical outdoor brand based in Oslo, Norway. For more information, visit Corp.CanadianTire.ca.

Source: Canadian Tire Corporation Limited