01:50 PM EST, 01/21/2025 (MT Newswires) -- Canadian Tire announced that effective April 1, Darren Myers will replace Gregory Craig as EVP and Chief Financial Officer.

National Bank views Myers' appointment "with interest" given he will be the first outsider to serve as CTC's CFO in recent history, writes analyst Vishal Shreedhar. Recent CFOs have served in other areas of CTC before being appointed CFO.

While Myers may be an outsider, Shreedhar notes that he has served at Loblaw(L.TO) a large retail company with family ownership and a credit card operation.

"Given that CTC is a complex company with many inter-related businesses and a strong dealer dynamic, we believe there will be a break-in period for Mr. Myers to gain sufficient familiarity to implement meaningful change."

Maintain Sector Perform rating; price target is $171.

Price: 161.57, Change: +0.35, Percent Change: +0.22