Reid, who founded Giant Tiger 59 years ago with his first store at the Byward Market in Ottawa in 1961, will assume the new role of President Emeritus.
His eldest son, Vice-President Scott Reid, will take over as Chairman of the Board. The company says young Reid, an MP representing Lanark-Frontenac-Kingston, obtained advance clearance from the House of Commons Ethics Commissioner for the change.
Giant Tiger says Wood has been with the chain for 17 years and recently helped put together the purchase of 36 stores from North West Company Inc., the development of a distribution center 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 should remain a private company owned by Canadian interests.