Brentwood, Tenn. — Tractor Supply Company, the largest rural lifestyle retailer in the United States, has extended the employment contract of its president and chief executive officer, Hal Lawton, as well as made key transitions on its board of directors. The board has elected long-standing member Edna Morris as chairman. She will succeed Cynthia Jamison, who is retiring, effective May 11, 2023. Additionally, Tom Kingsbury has resigned, effective February 6, 2023, as a member of the board in order 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,” says Morris.
Chairman-Elect Morris brings 18 years of service on the Tractor Supply board and more than 40 years of executive leadership experience 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.
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 lead independent director of the company from 2010 to 2014.
The board has agreed with Lawton to extend the terms of his employment contract for another 3 years to 2026, with an evergreen extension going forward.
“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,” says Lawton.
Since Lawton joined Tractor Supply in January 2020 as president and CEO, the company has increased net sales by 70% and diluted earnings per share have grown over 200%.
Tractor Supply Company is the largest rural lifestyle retailer in the United States. As of December 31, 2022, the company operated 2,066 Tractor Supply stores in 49 states. In October 2022, Tractor Supply acquired 81 stores from Orscheln Farm and Home that will be rebranded to Tractor Supply by the end of 2023. For more information, visit www.TractorSupply.com.
Tractor Supply Company also owns and operates Petsense by Tractor Supply, a small-box pet specialty supply retailer focused on meeting the needs of pet owners, primarily in small and mid-size communities, and offering a variety of pet products and services. As of December 31, 2022, the Company operated 186 Petsense by Tractor Supply stores in 23 states. For more information on Petsense by Tractor Supply, visit www.Petsense.com.
SOURCE: Tractor Supply Company