Advance Auto Parts Names Jeffrey C. Smith Board Chair
May 18 2016 - 4:30PM
Business Wire
Announces Results of Annual Meeting of
Stockholders
Advance Auto Parts, Inc. (NYSE: AAP), a leading automotive
aftermarket parts provider in North America, serving both
professional installer and do-it-yourself customers, today
announced that current independent director, Jeffrey C. Smith, has
been appointed Chair of the Company’s Board of Directors, effective
immediately. Mr. Smith succeeds Executive Chair John C. (“Jack”)
Brouillard, who will continue to serve as a director on the Advance
Auto Parts Board. In addition, John F. Ferraro is no longer Lead
Independent Director but will continue to serve as a director and
has been appointed Chair of the Nominating and Corporate Governance
Committee.
Mr. Smith stated, “I am honored to serve Advance Auto Parts as
its Board Chair. Since joining the Board in November, Advance has
taken important steps to generate shareholder value, including
implementing a more field-centric organization and appointing a new
Chief Executive Officer. I look forward to continuing to work with
the Board and management team to help realize the exceptional
future potential for the Company. I would also like to thank Jack
and John for their leadership and continued contributions to the
Board.”
Jeffrey Smith is Managing Member, Chief Executive Officer and
Chief Investment Officer of Starboard Value LP. Mr. Smith joined
the Advance Auto Parts Board on November 12, 2015. Mr. Smith is
also currently on the Board of Yahoo! Inc. He was formerly Chairman
of the Boards of Darden Restaurants, Inc. and Phoenix Technologies
Ltd. and formerly on the Boards of Quantum Corporation, Office
Depot, Regis Corporation, Surmodics Inc., Zoran Corporation, Actel
Corporation, Kensey Nash Corp., S1 Corp and the Fresh Juice
Company.
The Company also announced that stockholders voted earlier today
at its Annual Meeting of Stockholders to elect the 11 nominees
named in the Company’s 2016 Proxy Statement to its Board of
Directors: John F. Bergstrom, John C. Brouillard, Brad W. Buss,
Fiona P. Dias, John F. Ferraro, Thomas R. Greco, Adriana
Karaboutis, Eugene I. Lee, Jr., William S. Oglesby, Reuben E. Slone
and Jeffrey C. Smith.
In other actions, the Company's stockholders voted to approve
the compensation of the Company's named executive officers. The
stockholders also ratified the appointment by the Company's Audit
Committee of Deloitte & Touche LLP as its independent
registered public accounting firm for 2016 and approved a proposal
to amend the Company's certificate of incorporation to eliminate
the one-year holding period for stockholders who have owned at
least 25 percent of the Company's outstanding shares of common
stock to call a special meeting. In addition, a majority of the
shares voted were cast against an advisory proposal regarding the
ability of stockholders to act by written consent.
About Advance Auto Parts
Advance Auto Parts, Inc., a leading automotive aftermarket parts
provider in North America, serves both professional installer and
do-it-yourself customers. As of January 2, 2016, Advance operated
5,171 stores and 122 Worldpac branches and served approximately
1,300 independently owned Carquest branded stores in the United
States, Puerto Rico, the U.S. Virgin Islands and Canada. Advance
employs approximately 73,000 Team Members. Additional information
about the Company, employment opportunities, customer services, and
on-line shopping for parts, accessories and other offerings can be
found on the Company's website at AdvanceAutoParts.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20160518006332/en/
Advance Auto Parts, Inc.Media ContactAnna Gurney,
919-573-2608anna.gurney@advance-auto.comorInvestor
ContactZaheed Mawani,
919-573-3848zaheed.mawani@advanceautoparts.com
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