Grainger Recruits Advance Auto Parts CFO
April 02 2018 - 5:54PM
Dow Jones News
By Imani Moise
W.W. Grainger, Inc., the largest industrial supplier in North
America by sales, said Monday Thomas Okray will become its next
finance chief after Ron Jadin's retirement next month.
Mr. Okray, 55, joins the company from Advance Auto Parts Inc.
where he held the same position. He also has held finance and
supply chain related positions at Amazon.com Inc.'s global customer
fulfillment business and at General Motors Co.
In addition to a one-time sign on bonus of $800,000, Mr. Okray
will receive a base salary of $700,000 with the opportunity to earn
a bonus of up to 90% of his base salary. The outgoing CFO's most
recent base salary was $748,995, according to a March filing. Mr.
Jadin's retirement ends his decade-long tenure in the CFO role.
Grainger has been trying to keep competitors from siphoning away
smaller customers with lower prices on maintenance and operations
supplies. The distributor typically reserved its best deals for
large, high volume industrial and institutional purchasers on
long-term contracts. But insurgent online competitors like Amazon
have forced Grainger to cut prices by up to 25% to retain its other
customers.
Grainger shares, unchanged in the extended session, have rallied
17% so far this year while the S&P 500 has dropped 3.4%.
Write to Imani Moise at imani.moise@wsj.com
(END) Dow Jones Newswires
April 02, 2018 17:39 ET (21:39 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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