Tractor Supply president, COO resigns
Steve Barbarick has left the company after 21 years at Tractor Supply.
Tractor Supply Company announced that President and Chief Operating Officer Steve Barbarick has resigned from the company, effective Aug. 23.
The company did not provide an explanation for Barbarick’s resignation. In turn, Tractor Supply has extended the contract of CEO Gregory Sandfort for a period of up to one year and revealed that a search is underway for a new CEO.
In a statement issued by the Brentwood, Tenn.-based retailer, Sandfort said, “In his two decades with Tractor Supply, Steve has made numerous valuable contributions to the growth and success of the Company. On behalf of the entire Tractor Supply team, we thank him and wish Steve and his family the very best in the future.”
Barbarick has served as COO since August 2018, having previously served as president and chief merchandising officer for Tractor Supply Company since May 2016. He also served as executive vice president and chief merchandising officer since 2015 and served as executive vice president of merchandising and marketing since September 2012.
In addition to other previous corporate leadership positions at Tractor Supply, Barbarick sat on the company’s board of directors. He joined the company as a buyer in 1998. Prior, he was a buyer at the now defunct Builders Square from 1994 to 1998.
This past January, Barbarick was named to the NRF Foundation’s List of People Shaping Retail’s Future 2019. The NRF Foundation is the nonprofit arm of the National Retail Federation.
Tractor Supply’s board has retained Egon Zehnder, an executive search firm, as part of its ongoing CEO succession planning process. Sandfort will continue to serve as CEO until a successor is appointed and will assist in the transition.
Sandfort has served as Tractor Supply Company’s CEO since 2012.
“Under Greg Sandfort’s leadership, Tractor Supply has delivered exceptional financial results and built a deep and talented management team. Given Greg’s track record of success, it is clear that the Company and our shareholders will be best served by his continued leadership as the Board conducts the process of identifying a successor to lead Tractor Supply’s continued growth and success,” said Cynthia Jamison, Tractor Supply chairman.
In its most recent financial report, Tractor Supply Company posted second quarter net sales of $2.35 billion, rising 6.3% from second quarter 2018 net sales of $2.21 billion. The rural lifestyle retailer also reported a net income of $219.2 million in the quarter, up 5.8% to from $207.3 million in the second quarter of 2018.
As of the end of June, Tractor Supply operated 1,790 stores in 49 states along with 177 Petsense stores in 26 states.
Worked with Steve when managing a store for TSC, great person! Good luck!