Giant Tiger chooses company insider to replace founder Gordon Reid as CEO

A newly-renovated Giant Tiger store is shown in Ottawa on Thursday August 4, 2016. (THE CANADIAN PRESS/Fred Chartrand)

OTTAWA — Giant Tiger Stores Ltd. says veteran company executive Paul Wood will take up the reins as founder Gordon Reid steps down from his role as chief executive of the discount department store chain.

The company says Wood, formerly president and chief operating officer, has been appointed president and CEO effective immediately.

Reid, who founded Giant Tiger 59 years ago with its first store in Ottawa's ByWard Market in 1961, is to hold the newly created role of chairman emeritus.

His eldest son, vice-chair Scott Reid, will take over as chairman of the board. The company says the younger Reid, an MP representing Lanark-Frontenac-Kingston, obtained clearance from the House of Commons' Ethics Commissioner in advance for the change.

Giant Tiger says Wood has been with the chain for 17 years and recently helped set up the purchase of 36 stores from the North West Company Inc., the development of a distribution centre in Johnstown, Ont., and the construction of a new home office in Ottawa.

The chain, which has more than 250 stores and 9,000 employees, says it is expected to remain a privately held, Canadian-owned company.