Advance Auto Parts Announces CFO Transition
April 02 2018 - 4:15PM
Business Wire
Company Reaffirms Full-Year Guidance
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 Executive Vice President and Chief Financial Officer
(CFO) Tom Okray has decided to leave the organization, effective
April 15, 2018. Okray is leaving the company to accept an executive
role with a global, publicly traded company outside of the
aftermarket parts industry.
While Advance conducts a search for a successor CFO, Senior Vice
President, Controller and Chief Accounting Officer Jeff Shepherd
will serve as interim CFO in addition to his current
responsibilities. Shepherd joined Advance during the first quarter
of 2017 from General Motors where he held various accounting and
finance leadership roles, including his most recent role as
Controller, General Motors Europe. A certified public accountant,
Shepherd also worked at Ernst & Young for more than 15 years
and was a partner with the firm.
“On behalf of the entire Advance organization, I want to thank
Tom for his contributions and leadership,” said Tom Greco,
President and Chief Executive Officer, Advance Auto Parts. “I also
want to recognize the world-class Finance organization that we have
built during the past two years. By adding high-caliber, external
talent and empowering existing leaders within the Finance
organization, this team is well-positioned to continue to support
our transformation and ensure a seamless transition under Jeff’s
leadership.”
“This was a difficult decision for me as I have enjoyed my time
at Advance, and I am confident in the company’s transformation
plan,” said Okray. “My decision was based solely on personal and
professional objectives and does not reflect any disagreement with
Advance’s operational or financial practices. I believe the company
has the right strategy to deliver on its long-term opportunities,
and I wish them nothing but continued success.”
Advance also reaffirmed its full-year 2018 guidance provided
earlier this year. “We started 2018 with positive momentum, and
we’re excited about the opportunities in front of us as we continue
our five-year transformation journey,” said Greco. “I have the
utmost confidence in our entire Advance team, and I am pleased with
the solid execution we are seeing across our organization this
year. I look forward to sharing more on our progress during our
first quarter earnings report next month.”
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 30, 2017, Advance operated
5,054 stores and 129 Worldpac branches and employed approximately
71,000 Team Members in the United States, Canada, Puerto Rico and
the U.S. Virgin Islands. The company also serves approximately
1,218 independently owned Carquest branded stores across these
locations in addition to Mexico and the Bahamas, Turks and Caicos,
British Virgin Islands and Pacific Islands. Additional information
about the company, 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 contained in this release are forward-looking
statements as defined by the Private Securities Litigation Reform
Act of 1995. Forward-looking statements address future events or
developments, and typically use words such as “believe,”
“anticipate,” “expect,” “intend,” “plan,” “forecast,” “guidance,”
“outlook” or “estimate.” These forward-looking statements include,
but are not limited to, key assumptions for future financial
performance including net sales, store growth, comparable store
sales, gross profit rate, SG&A, adjusted operating income,
income tax rate, integration and transformation costs, adjusted
operating income rate targets, capital expenditures, inventory
levels and free cash flow; statements regarding expected growth and
future performance of Advance Auto Parts, Inc. (the “Company”);
statements regarding enhancements to shareholder value, strategic
plans or initiatives, growth or profitability, productivity targets
and all other statements that are not statements of historical
facts. These statements are based upon assessments and assumptions
of management in light of historical results and trends, current
conditions and potential future developments that often involve
judgment, estimates, assumptions and projections. 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 report. 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” section of the annual report on Form
10-K for the fiscal year ended December 30, 2017, and other
filings made by the Company with the Securities and Exchange
Commission for additional risk 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. We intend for any forward-looking statements to
be covered by, and we claim the protection under, the safe harbor
provisions for forward-looking statements contained in the Private
Securities Litigation Reform Act of 1995.
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version on businesswire.com: https://www.businesswire.com/news/home/20180402005732/en/
Advance Auto Parts, Inc.Media ContactKevin Nash,
866-463-4512kevin.nash@advance-auto.comorInvestor
ContactElisabeth Eisleben,
919-227-5466invrelations@advanceautoparts.com
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