BRENTWOOD, Tenn., Sept. 27, 2012 /PRNewswire/ -- Tractor Supply Company (NASDAQ: TSCO), the largest retail farm and ranch store chain in the United States, today announced its planned management succession, with current President and Chief Operating Officer, Gregory A. Sandfort, assuming the role of President and Chief Executive Officer, effective January 1, 2013. Mr. Sandfort will also be appointed to the Board of Directors at that time. James F. Wright, the Company's current Chairman and Chief Executive Officer, will be appointed Executive Chairman of the Board with a term of one year.
Mr. Sandfort joined Tractor Supply Company as Chief Merchandising Officer in November 2007 and has been instrumental to the Company's ability to effectively grow sales and operating margins while improving operating efficiencies and inventory productivity. Mr. Sandfort was promoted to President and Chief Merchandising Officer in February 2009 and to President and Chief Operating Officer in February 2012. Prior to joining Tractor Supply, he previously served as President and Chief Operating Officer at Michaels Stores, Inc. and has also held positions of increasing responsibility in merchandising and management at retailers such as Sears Roebuck and Company and Federated Department Stores.
Mr. Wright joined Tractor Supply Company as President and Chief Operating Officer in October 2000. Over the past twelve years, Mr. Wright has been a key architect in building the Company into a leading specialty retailer. During his tenure, Mr. Wright, who assumed the role of Chief Executive Officer in 2004 and has served as Chairman of the Board and CEO since November 2007, has led the Company through more than a decade of significant growth and expansion. Mr. Wright built a strong leadership team that increased the Company's revenues from $759 million in 2000 to $4.2 billion in 2011, market capitalization from $80 million in 2000 to its current level of $6.9 billion and store base from 305 stores at the end of 2000 to more than 1,135 stores today.Mr. Wright, stated, "It has been an honor to serve Tractor Supply Company through the successful growth of our unique retail concept. Tractor Supply is strongly positioned competitively, operationally and financially. With the talented team we have in place today, this is an ideal time to complete our planned management succession plan. Having worked closely with Greg over the past five years, I know that we are aligned on Tractor Supply's business strategies and priorities and the Board and I have great confidence in his ability to lead our business forward. I have been privileged to serve with an exceptional team at Tractor Supply over the past twelve years. I have confidence in the team's ability to continue the Company's record of success and look forward to continuing to work with the leadership team in my new role as Executive Chairman."