Sartor steps down as Forzani Group's CEO as Canadian Tire installs new team - By The Canadian Press
TORONTO - Robert Sartor formally stepped down Thursday as chief executive officer of the Forzani Group Ltd. as Canadian Tire Corp. completed its $771-million takeover of the Calgary-based sporting-goods retailer and installed a new management team.
Sartor had been CEO since 2003 and prior to that had been the company's president of business support and chief financial officer for six years.
During his time in those senior roles, Forzani evolved into Canada's largest independent retailer of sporting goods and clothes through a combination of acquisitions and internal growth.
Michael Medline, who led the Canadian Tire acquisition team and formerly served as president of Canadian Tire Automotive and Dealer Relations, becomes president of Forzani.
Gregory Craig, Canadian Tire's vice-president of financial planning and analysis, has been appointed Forzani's chief financial officer, replacing Michael Lambert.
The entire Forzani board also resigned and were replaced with directors appointed by Canadian Tire, including Medline and Craig.
Canadian Tire got Competition Bureau clearance for its takeover earlier this month. It said Thursday that 97 per cent of Forzani's shares had been tendered to its offer of $26.50 cash per class A share by the Aug. 18 deadline.
Forzani owns some 500 stores under various banners, including Sport Chek, Athletes World, and Atmosphere as well as more niche brands like Nevada Bob's Golf and Hockey Experts.
Canadian Tire has long sold basic sporting equipment such as skates and bikes, but the Forzani purchase will allow it to cater to 18-to-35-year-olds who tend to shop in malls for more specific equipment and trendier brands.
