Tractor Supply Company extended President and CEO Hal Lawton‘s employment contract and key transitions on its Board of Directors.
The Board of Directors elected long-standing member Edna Morris as Chairman of the Board. Morris succeeds Cynthia Jamison, who is retiring, effective May 11, 2023, following the company’s 2023 Annual Meeting of Stockholders.
Additionally, Tom Kingsbury resigned, effective February 6, 2023, as a member of the Board of Directors to focus on his new role as CEO at Kohl’s Corporation.
“On behalf of the Board of Directors, we thank Cindie for over two decades of distinguished service to Tractor Supply. Her exceptional track record has served our stakeholders well and helped position us for future growth. We are deeply appreciative of Cindie’s numerous contributions to Tractor Supply and wish her and her family the very best. We also appreciate Tom’s dedication to Tractor Supply and extend our best to him in his future endeavors,” said Morris.
Morris continued, “I am incredibly honored and humbled to assume the role of Chairman of the Board. I look forward to continuing to work alongside Hal and the leadership team to drive strong shareholder value and capitalize on the momentum we have behind our Life Out Here strategy. Hal and the team have delivered strong financial performance, including record revenue and profitability in 2022. He has proven to be a strategic and innovative leader with a deep passion for and commitment to Tractor Supply’s Mission and Values. The Board of Directors is excited for Hal to continue to lead the business into the future and execute on our strategy.”
Chairman-Elect Morris brings 18 years of service on the Tractor Supply Board of Directors and more than 40 years of executive leadership in restaurant and investment organizations of various sizes and types, in different growth stages and with wide-ranging corporate cultures, business models and leadership styles. At Tractor Supply, Morris currently serves as chair of the Compensation Committee and as a member of the Corporate Governance and Nominating Committee.
Jamison has served as a director of the company since 2002. During her tenure on the Board, she has served as chairman since 2014 and was the company’s lead independent director from 2010 to 2014. Her previous positions on the Board include Audit Committee Chair, Compensation Committee Chair and Corporate Governance Chair.
Jamison commented on the announcement, “Serving on the Tractor Supply Board of Directors has been a highlight of my career. I am proud to have been part of the Board and to work alongside such a talented leadership team. With a strong culture and a commitment to its Mission and Values, it has been an honor to be part of Tractor Supply’s journey over the past 20 years. I believe Tractor Supply is a vibrant and growing company with great opportunities ahead.”
Kingsbury commented, “It has been a pleasure to work with the Board and management team at Tractor Supply. I believe the company is well-positioned for the future as I transition to focus on my responsibilities at Kohl’s.”
Employment Agreement For President and CEO Hal Lawton
The Board of Directors of Tractor Supply agreed with Lawton to extend the terms of his employment contract for another three years to 2026, with an evergreen extension.
“This is an exciting time to be leading Tractor Supply as we celebrate our 85th anniversary this year. I am grateful for the opportunity to continue to build on our resilient and proven business model. Together with our Board, our leadership team and more than 50,000 incredibly dedicated Team Members, I believe we are well-positioned to continue to deliver long-term growth and value creation,” said Lawton.
Since Lawton joined Tractor Supply in January 2020 as president and CEO, the company has embarked on its Life Out Here strategy to become a more integral part of its customers’ lives. Under his leadership, net sales have increased by 70 percent, and diluted earnings per share have grown over 200 percent.