Advance Auto Parts Names Pepsi Executive CEO
April 04 2016 - 10:10AM
Dow Jones News
Advance Auto Parts Inc. said Monday that PepsiCo Inc. executive
Tom Greco would become its next chief executive, as the seller of
automotive parts works to increase profitability under activist
investor pressure.
Starboard Value LP has pushed the company to improve its bottom
line, which the hedge fund has said trails peers AutoZone Inc. and
O'Reilly Automotive Inc. According to FactSet, Starboard holds a
2.3% stake in the company.
Under pressure from Starboard, former Chief Executive Darren
Jackson retired in January and Starboard Chief Executive Jeffrey
Smith was added to Advance Auto's board.
Mr. Greco served as CEO of Frito-Lay North America, Pepsi's
$14.8 billion snack food business, and has been with the drink
company for three decades.
Advance praised Mr. Greco for his experience in a sales-driven
organization, for transforming the supply chain and for being able
to retool systems to better meet the needs of customers of all
sizes. Advance Auto sells parts to both professional installers and
do-it-yourself consumers.
George Sherman, who was interim chief executive, will continue
to serve as the company's president.
Shares, which have risen 5.4% in the past three months, were
inactive in premarket trading.
Write to Austen Hufford at austen.hufford@wsj.com
(END) Dow Jones Newswires
April 04, 2016 09:55 ET (13:55 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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