ATLANTA, Aug. 21, 2017
/PRNewswire/ -- Genuine Parts Company (NYSE: GPC) announced
today that its Board of Directors elected P. Russell Hardin as a new independent director
of the Company. Mr. Hardin is President of the Robert W.
Woodruff Foundation, the Joseph B. Whitehead Foundation, the Lettie
Pate Evans Foundation and the Lettie Pate Whitehead
Foundation. These foundations manage approximately
$10 billion in assets and distribute
approximately $400 million in grants
each year, which support Georgia's
institutions in the areas of education, health, human welfare, the
environment, community and economic development, philanthropy and
volunteerism, and the arts. Mr. Hardin joined the
Foundations' staff in 1988 and was named President in 2006.
Previously, Mr. Hardin practiced law with the Atlanta firm of King & Spalding.
Tom Gallagher, Chairman of
Genuine Parts Company, stated, "We are pleased to welcome Mr.
Hardin as our newest director. Russ is an extremely talented
executive with a wealth of management, business, and legal
experience and knowledge that make him a valuable addition to our
board. We look forward to his contributions as a director of
the Company."
The Company also announced today that its Board of Directors
declared a regular quarterly cash dividend of sixty-seven and
one-half cents ($0.675) per share on
the Company's common stock.
The dividend is payable October 2,
2017 to shareholders of record September 8, 2017.
Paul Donahue, President and Chief
Executive Officer of Genuine Parts Company, also announced today
the Company has increased the number of shares of its common stock
authorized for repurchase by 15 million shares. Mr. Donahue
stated, "The Company will continue to make advantageous purchases
from time to time on the open market or in unsolicited negotiated
transactions."
The Company's share repurchase program originally authorized the
repurchase of 15 million shares in August
1994, another 15 million in April
1999, August 2006, and
November 2008, for a total
authorization of 60 million shares. Through the current date,
the Company has purchased approximately 57.6 million shares under
this program and remains authorized to complete the purchase of the
approximately 2.4 million shares outstanding. Mr. Donahue
concluded, "We are pleased with the progress in the current
repurchase program and believe this additional authorization will
help to further enhance shareholder value."
About Genuine Parts Company
Genuine Parts Company is a distributor of automotive replacement
parts in the U.S., Canada,
Mexico and Australasia. The
Company also distributes industrial replacement parts in the U.S.,
Canada and Mexico through its Motion Industries
subsidiary. S. P. Richards Company, the Office Products
Group, distributes business products in the U.S. and Canada. The Electrical/Electronic Group, EIS,
Inc., distributes electrical and electronic components throughout
the U.S., Canada and Mexico.
Genuine Parts Company had 2016 revenues of $15.3 billion.
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SOURCE Genuine Parts Company