BRENTWOOD (AP) — Farm and ranch store chain Tractor Supply Co. said Thursday that James Wright will step down as CEO on Jan. 1, and President and Chief Operating Officer Gregory Sandfort will become CEO.

The company said Wright, who has been CEO since 2004 and chairman since November 2007, will become executive chairman. Sandfort will keep his title as company president and will be appointed to the board of directors.

Sandfort has worked at Tractor Supply since November 2007. He became president of the company in February 2009 and was named chief operating officer in February.

Wright has been with the company since October 2000.

Tractor Supply has 1,135 stores in 45 states. The company's shares rose 2.8 percent to $99.91 on Thursday, but slipped $2.73, or 2.7 percent, to $97.21 in after-hours trading following the announcement.