Appoints Shane O’Kelly as President and
Chief Executive Officer
Names Tony Iskander as Interim Chief
Financial Officer
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, today
announced that its board of directors has appointed Shane O’Kelly
as president and chief executive officer, effective September 11,
2023. Mr. O’Kelly will succeed Tom Greco, who has served as
president and CEO since April 2016. Mr. Greco announced his planned
retirement in February 2023 and will stay on as an advisor to
ensure a seamless transition.
Mr. O’Kelly has also been appointed to the Advance Auto Parts
board of directors, effective September 11, 2023. Gene Lee, interim
executive chair of the board of directors, will continue in his
interim role through the end of the year.
Mr. O’Kelly, 54, brings more than 30 years of operational,
strategic development, integration and supply chain experience,
including a proven track record of developing high-performing teams
and cultures to drive results. Most recently, Mr. O’Kelly served as
CEO of HD Supply, a wholly owned subsidiary of The Home Depot, Inc.
Prior to joining Home Depot, Mr. O’Kelly was the CEO of
PetroChoice, the nation's largest distributor of lubricants and
lubrication solutions. Prior to that, he was CEO of AH Harris, a
specialty construction supply distributor. Earlier in his career,
he worked at The Home Depot and McKinsey and Company. Mr. O’Kelly
served as a captain in the US Army and earned an MBA from Harvard
Business School and a bachelor’s degree from The United States
Military Academy at West Point.
Gene Lee, interim executive chair, said, “On behalf of the
entire Advance Auto Parts board, I am delighted to welcome Shane to
the Advance family. Following an extensive search over the past
several months, we are confident that Shane’s robust operational
background leading complex supply chain organizations makes him the
ideal next leader for Advance. His proven leadership, commitment to
serving customers, and strong track record of disciplined execution
across multi-unit businesses will enable him to lead Advance in the
next chapter and help drive long-term value for our
shareholders.”
Mr. O’Kelly said, “I am honored to be joining Advance at such an
important inflection point for the company. I have great respect
for the talented team members at Advance and all that has been
accomplished, including the team’s relentless focus on delivering
for customers while navigating the challenging competitive and
macroeconomic environment. As we undertake an operational and
strategic review of the business, I look forward to working
alongside the entire Advance team and our board of directors to
drive growth, operational excellence and value for all
stakeholders.”
The company also announced today that Tony Iskander has been
named interim chief financial officer, effective August 18, 2023.
Mr. Iskander succeeds Jeff Shepherd, who departed from Advance,
effective August 18, 2023. Mr. Iskander has more than 25 years of
finance and accounting experience and served as the company’s
senior vice president, finance and treasurer since 2020. Prior to
joining Advance in 2017, he spent more than a decade at Hillrom,
where he held various finance roles of increasing responsibility. A
search is being initiated, with the assistance of a leading
executive search firm, to identify the company’s next chief
financial officer.
Mr. Lee said, “We thank Jeff for his contributions and wish him
the best in his future endeavors. Advance is fortunate to have a
seasoned executive in Tony to assume the CFO role on an interim
basis. I am very confident that Tony will lead the finance team
through a seamless transition and work closely with Advance’s new
CEO when Shane officially joins in September.”
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 July 15, 2023, Advance operated
4,790 stores and 319 Worldpac branches primarily within the United
States, with additional locations in Canada, Puerto Rico and the
U.S. Virgin Islands. The company also served 1,307 independently
owned Carquest branded stores across these locations in addition to
Mexico and various Caribbean 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 herein are “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act
of 1995. Forward-looking statements are usually identifiable by
words such as “anticipate,” “believe,” “could,” “estimate,”
“expect,” “forecast,” “guidance,” “intend,” “likely,” “may,”
“plan,” “position,” “possible,” “potential,” “probable,” “project,”
“should,” “strategy,” “will,” or similar language. All statements
other than statements of historical fact are forward-looking
statements, including, but not limited to, statements about our
leadership transition, strategic initiatives, operational plans and
objectives, our planned strategic and operational review and
expectations for economic conditions, future business results and
future financial performance, as well as statements regarding
underlying assumptions related thereto. Forward-looking statements
reflect our views based on historical results, current information
and assumptions related to future developments. Except as may be
required by law, we undertake no obligation to update any
forward-looking statements made herein. Forward-looking statements
are subject to a number of risks and uncertainties that could cause
actual results to differ materially from those projected or implied
by the forward-looking statements. They include, among others,
factors related to the company’s leadership transition, the timing
and implementation of strategic initiatives, our ability to hire,
train and retain qualified employees, deterioration of general
macroeconomic conditions, the highly competitive nature of our
industry, demand for our products and services, complexities in our
inventory and supply chain and challenges with transforming and
growing our business. Please refer to “Item 1A. Risk Factors” of
our most recent Annual Report on Form 10-K filed with the
Securities and Exchange Commission (“SEC”), as updated by our
subsequent filings with the SEC, for a description of these and
other risks and uncertainties that could cause actual results to
differ materially from those projected or implied by the
forward-looking statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20230822500765/en/
Investor Relations Contact: Elisabeth Eisleben T: (919)
227-5466 E: invrelations@advanceautoparts.com
Media Contact: Darryl Carr T: (984) 389-7207 E:
AAPCommunications@advance-auto.com
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