Advance Auto Parts Announces Board Leadership Transition
March 04 2020 - 4:30PM
Business Wire
Jeff Smith Will Not Stand for
Re-Election
Gene Lee to Become Chair at May 2020 Annual
Shareholder Meeting
Advance Auto Parts, Inc. (NYSE: AAP), a leading automotive
aftermarket parts provider in North America that serves both
professional installer and do-it-yourself customers, announced
today that Mr. Jeffrey Smith will not stand for re-election at the
May 2020 annual meeting of shareholders.
Mr. Smith became a member of the board in November 2015 and has
served as the independent chair since May 2016. Mr. Smith’s current
term expires May 15, 2020. The board of directors intends to
appoint Eugene Lee, Jr., a current independent director and the
president and chief executive officer of Darden Restaurants, Inc.,
as chair in May 2020.
“I will genuinely miss the team members and board members of
Advance,” said Jeff Smith. “We have accomplished a great deal
together and I am proud of our progress and excited about the
future. While it is difficult to step away from this terrific
company and great people, it is my confidence in the leadership and
the plan that allows me to step away. I would like to thank Tom and
the management team for a terrific partnership and for helping
create a plan to produce substantial cash flow and value creation.
I would also like to thank Gene Lee and the board for their
professional and capable oversight. I am thrilled that Gene will
continue as Chair and am excited to support the next chapter under
his and Tom’s leadership.”
“I want to thank Jeff for his numerous contributions to the
board of directors,” added Gene Lee, independent director. “Jeff’s
strategic vision and disciplined approach to operational
improvements helped us prioritize for the future, and we are making
progress against the strategy he helped set in motion. I have no
doubt the talented and experienced management team will continue to
deliver meaningful results in the years ahead. On a personal level,
I am thankful for Jeff’s partnership and guidance over the past
five years, as well as the board’s confidence in me to assume the
Chair role in May.”
“On behalf of our entire management team and board of directors,
I want to thank Jeff for his outstanding leadership and support
over the past four years,” said Tom Greco, Advance’s president and
chief executive officer. “As one of the chief architects of our
business transformation, Jeff’s relentless focus on team members,
customers and shareholders has enabled us to build the foundation
we need for long-term growth and margin expansion. We’ve delivered
two consecutive years of top- and bottom-line improvement, and we
are well positioned to drive meaningful sales growth, margin
expansion and significant cash generation in the future. Gene is
intimately familiar with our strategy and has a strong track record
of driving results, which makes him uniquely qualified to lead the
board at this time. I look forward to working with Gene in his new
capacity as Chair. I am incredibly grateful for Jeff’s numerous
contributions to the transformation of Advance and wish him
continued success in the future.”
Unrelated to Mr. Smith’s departure, Ms. Adriana Karaboutis, who
has served as a member of the board since February 2015, has
elected to not stand for re-election at the May 2020 annual meeting
of shareholders following the expiration of her current term. The
nominating and governance committee has commenced a search for
additional director candidates.
Mr. Greco continued, “Andi has been a valuable member of our
board over the past five years, contributing meaningful expertise
to the technology roadmap which is critical to the successful
execution of our strategic objectives. I want to thank Andi for her
support and wish her well in her future endeavors.”
About Advance Auto Parts
Advance Auto Parts, Inc. is a leading automotive aftermarket
parts provider that serves both professional installer and
do-it-yourself customers. As of December 28, 2019, Advance operated
4,877 stores and 160 Worldpac branches in the United States,
Canada, Puerto Rico and the U.S. Virgin Islands. The Company also
serves 1,253 independently owned Carquest branded stores across
these locations in addition to Mexico, the Bahamas, Turks and
Caicos and British Virgin Islands. Additional information about
Advance, including employment opportunities, customer services, and
online shopping for parts, accessories and other offerings can be
found at www.AdvanceAutoParts.com.
Forward-Looking Statements
Certain statements in this release are “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995. All statements, other than statements of
historical facts, may be forward-looking statements.
Forward-looking statements address future events or developments,
and typically use words such as “believe,” “anticipate,” “expect,”
“intend,” “plan,” “forecast,” “guidance,” “outlook,” “estimate,” or
similar expressions. These forward-looking statements include, but
are not limited to, statements about the expected composition of
our board of directors and the future of our business.
Forward-looking statements reflect current views about our plans,
strategies and prospects, which are based on information currently
available as of the date of this release. Except as required by
law, we undertake no obligation to update any forward-looking
statements to reflect events or circumstances after the date of
such statements. Please refer to the risk factors discussed in
"Item 1a. Risk Factors" in the Company's most recent Annual Report
on Form 10-K filed with the Securities and Exchange Commission for
additional factors that could materially affect the Company’s
actual results. Forward-looking statements are subject to risks and
uncertainties, many of which are outside our control, which could
cause actual results to differ materially from these statements.
Therefore, you should not place undue reliance on those
statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20200304005813/en/
Investor Relations Contact: Elisabeth Eisleben T: (919)
227-5466 E: invrelations@advanceautoparts.com
Media Contact: Darryl Carr T: (984) 389-7207 E:
AAPCommunications@advanceautoparts.com
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