Sam Kato to replace Bourrut as CEO of TBC Corp.

PALM BEACH GARDENS, Fla. — A familiar name has been named the new president and CEO of TBC Corp.

Sam Kato, who was a member of TBC's board of directors from 2015-18, has been named to the top job at TBC, replacing Laurent Bourrut, who is retiring.

TBC said Bourrut has completed his "assignment to position the company for strategic growth amid the evolution of the tire industry." Bourrut will serve as an executive adviser to Kato and TBC.

Kato has worked in the global automotive business for more than three decades, most recently serving atop Sumitomo Corp. of America's transportation businesses.

TBC said Kato was an instrumental part of the Sumitomo leadership team that formed a venture with Michelin North America Inc.in 2018 to establish a 50/50 ownership structure for TBC and which resulted in the formation of National Tire Wholesale.

Kato served as TBC's first chief administrative officer, with responsibility for legal and compliance, human resources, IT, digital, corporate strategy and communications.

Scott Clark, a member of the TBC board of directors, lauded Bourrut for his "leadership and vision during his tenure at TBC. We wish him well in his retirement and believe that the foundation he established for the company is in fact a launch pad for the future of TBC."

Clark said Kato "has been helping steer TBC throughout this period, and we look forward to working with him to deliver our strategic objectives."

The change in leadership "follows a strategic plan developed in collaboration with Bourrut," according to TBC.

Bourrut replaced the late Erik Olsen as president and CEO of TBC in late June 2021. Olsen died  in September 2021 after a brief illness.

Kato said he is grateful for his time working alongside Bourrut and wished him well in retirement.

"I know he will be proud of all TBC will accomplish, as we execute our vision and evolve and transform the company to realize our purpose — to keep our associates, partners, customers moving on the road ahead. Laurent and I believe that this company can be the leader in every segment it serves."

Bourrut, who previously worked at Michelin for nearly 14 years in various roles of increasing responsibility, said TBC has worked hard for sustainable growth.

"I am humbled to have been part of developing the vision, and I could not be more pleased that Sam will lead the team forward in implementing our strategic plan. The road ahead is prosperous for TBC," he said.

Bourrut formerly was executive vice president in charge of the worldwide road transport and distribution business lines at Michelin, as well as operations of the European Region. He was a member on the Groupe Executive Committee.

TBC operates more than 600 company-operated tire and auto service centers under the NTB and Tire Kingdom brands, and is the franchisor of 1,500-plus Big O Tires and Midas auto service retail locations in the U.S.

TBC reported revenue of $5.56 billion last year, an increase of 18.1% over fiscal 2021, according to figures published by Michelin. Operating income fell 13.1% TO $293.4 million.