Tractor Supply gives CEO big vote of confidence; names new chairman
Tractor Supply Company has extended the employment contract of president and CEO Hal Lawton.
The largest rural lifestyle retailer in the United States extended the terms of Lawton’s contract for another three years, to 2026, with an evergreen extension going forward. Lawton joined Tractor Supply in January 2020 as president and CEO. Prior to that, he served as president of Macy’s (from September 2017 to December 2019) and as senior VP, eBay North America (from 2015 to 2017.)
Under Lawton’s leadership, the company’s net sales have increased 70% and diluted earnings per share have grown over 200%. Tractor Supply reported a record fourth quarter, with sales rising 20.7% year-over-year to $4.01 billion. Sales for fiscal 2022 increased 11.6% to $14.20 billion from $12.73 billion in fiscal 2021.
“This is an exciting time to be leading Tractor Supply, as we celebrate our 85th anniversary this year,” said Lawton. “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.”
Chairman
The Tractor Supply board has elected long-standing member Edna Morris as chairman of the Board, succeeding Cynthia Jamison, who is retiring, effective May 11, 2023, following the company’s 2023 annual stockholders meetings.
In other board news, Tom Kingsbury has resigned as a member of the board, effective Feb. 6, in order to focus on his new role as CEO at Kohl’s Corp.
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.
As of December 31, 2022, the company operated 2,066 Tractor Supply stores in 49 states, a consumer mobile app and an e-commerce website. 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.
The company also owns and operates Petsense by Tractor Supply, a small-box pet specialty supply retailer. As of December 31, 2022, there were 186 Petsense by Tractor Supply stores in 23 states.