Canadian Tire posts higher profit, appoints new CEO

Thu Aug 7, 2014 8:10am EDT
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Aug 7 (Reuters) - Retailer Canadian Tire Corp reported a higher quarterly profit and named Michael Medline chief executive, effective Dec. 1

Medline, who will also serve as the president, will take over from Stephen Wetmore, who has agreed to remain on the board in a new, non-executive position of deputy chairman, Canadian Tire said on Thursday.

The company, best known for selling automotive products and home ware, said net income attributable to shareholders rose to C$178.9 million, or C$2.12 per share, in the second quarter ended June 28, from C$154.9 million, or C$1.91 per share, a year earlier. (Reporting by Sneha Banerjee in Bangalore; Editing by Joyjeet Das)