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Oct. 1, 2012 Source: Tractor Supply Co. news release Tractor Supply Company (NASDAQ: TSCO), the largest retail farm and ranch store chain in the United States, today announced its planned management succession, with current President and Chief Operating Officer, Gregory A. Sandfort, assuming the role of President and Chief Executive Officer, effective January 1, 2013. Mr. Sandfort will also be appointed to the Board of Directors at that time. James F. Wright, the Company's current Chairman and Chief Executive Officer, will be appointed Executive Chairman of the Board with a term of one year. Mr. Sandfort joined Tractor Supply Company as Chief Merchandising Officer in November 2007 and has been instrumental to the Company's ability to effectively grow sales and operating margins while improving operating efficiencies and inventory productivity. Mr. Sandfort was promoted to President and Chief Merchandising Officer in February 2009 and to President and Chief Operating Officer in February 2012. Prior to joining Tractor Supply, he previously served as President and Chief Operating Officer at Michaels Stores, Inc. and has also held positions of increasing responsibility in merchandising and management at retailers such as Sears Roebuck and Company and Federated Department Stores. Mr. Wright joined Tractor Supply Company as President and Chief Operating Officer in October 2000. Over the past twelve years, Mr. Wright has been a key architect in building the Company into a leading specialty retailer. During his tenure, Mr. Wright, who assumed the role of Chief Executive Officer in 2004 and has served as Chairman of the Board and CEO since November 2007, has led the Company through more than a decade of significant growth and expansion. Mr. Wright built a strong leadership team that increased the Company's revenues from $759 million in 2000 to $4.2 billion in 2011, market capitalization from $80 million in 2000 to its current level of $6.9 billion and store base from 305 stores at the end of 2000 to more than 1,135 stores today. Mr. Wright, stated, "It has been an honor to serve Tractor Supply Company through the successful growth of our unique retail concept. Tractor Supply is strongly positioned competitively, operationally and financially. With the talented team we have in place today, this is an ideal time to complete our planned management succession plan. "Having worked closely with Greg over the past five years, I know that we are aligned on Tractor Supply's business strategies and priorities and the Board and I have great confidence in his ability to lead our business forward. I have been privileged to serve with an exceptional team at Tractor Supply over the past twelve years. I have confidence in the team's ability to continue the Company's record of success and look forward to continuing to work with the leadership team in my new role as Executive Chairman." Mr. Sandfort commented, "Jim's leadership over the past decade has been instrumental in Tractor Supply's success and our ability to consistently execute our business strategy. I look forward to continuing to work with our strong management team as Chief Executive Officer as we focus on maintaining Tractor Supply's momentum. "We have built a stable and differentiated business model that serves a unique niche in the retail marketplace. I am confident that this will be a smooth transition that enables the Company to continue executing its key strategic initiatives that have driven our outstanding performance in recent years. We will continue to focus on our business strategies to grow the Company and capitalize on opportunities we see for our business in the future." The Company also announced today that Steve Barbarick has been promoted to Executive Vice President, Merchandising. Mr. Barbarick joined Tractor Supply Company as a Buyer in 1998. He was promoted to Vice President and Divisional Merchandise Manager in June 2003 and to Senior Vice President, Merchandising in May 2009. In this new capacity, Mr. Barbarick will oversee the Company's merchandising and marketing functions and continue to report to Mr. Sandfort. Mr. Sandfort commented, "We are delighted to recognize Steve's added responsibilities and past accomplishments at Tractor Supply with this promotion. Steve has made significant contributions to our merchandising strategy and in-store shopping experience as the Company has expanded. We look forward to his ongoing leadership as we continue to evolve our merchandising and marketing to meet and exceed our customers' expectations." About Tractor Supply Company At June 30, 2012, Tractor Supply Company operated 1,135 stores in 45 states. The Company's stores are focused on supplying the lifestyle needs of recreational farmers and ranchers. The Company also serves the maintenance needs of those who enjoy the rural lifestyle, as well as tradesmen and small businesses. Stores are located in towns outlying major metropolitan markets and in rural communities. The Company offers the following comprehensive selection of merchandise: (1) equine, pet and small animal products, including items necessary for their health, care, growth and containment; (2) hardware, truck, towing and tool products; (3) seasonal products, including lawn and garden items, power equipment, gifts and toys; (4) maintenance products for agricultural and rural use; and (5) work/recreational clothing and footwear. Tweet |
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