As part of a previously announced management realignment, Canadian Tire will record a one-time pre-tax charge of approximately CN$15 million in fiscal Q3 for severance costs associated with the departure of some senior managers and employees The flow through of these cost savings will benefit 2011 performance by approximately CN$0.11 per share.
Two long-term officers of the company, Huw Thomas EVP Financial Strategy and Performance, and Stan Pasternak, SVP and Treasurer, will retire over the coming months. Responsibilities will transition to Marco Marrone, EVP Finance and CFO.
Mike Arnett, who oversees the company's sporting goods categories, has been given expanded responsibilities for company-wide strategic marketing, including the roll-out of the new customer centric retailing and loyalty programs.
