TORONTO — Canadian Tire Corp. Ltd. is changing its board leadership with the impending retirement of chairwoman Maureen Sabia.

The Toronto-based retailer says Sabia will retire at its shareholder meeting in May after 37 years on the board, including 15 years as chairwoman.

She will be replaced by J. Michael Owens, a company director since 2020.

Owens is a chartered accountant and former partner of Deloitte LLP.

Chief executive Greg Hicks says Sabia's strategic thinking and focus on execution has been instrumental in helping to transform the company and navigate through the pandemic.

Sabia says being part of Canadian Tire, which celebrates its centenary this year, has been one of the greatest privileges of her career but that it was time to give the board new leadership.

This report by The Canadian Press was first published Feb. 1, 2022.

Companies in this story: (TSX:CTC.A)

© 2022 The Canadian Press. All rights reserved., source Canadian Press DataFile