Advance Auto Parts, Inc. (NYSE: AAP), a leading automotive
aftermarket parts provider, today announced Mike Broderick,
executive vice president, merchandising and store operations
support, is leaving Advance to pursue his long-standing career goal
of being a CEO. As a result, the company also announced expanded
responsibilities for several executive leaders designed to
streamline operations, deliver efficiencies and support its ongoing
transformation.
"On behalf of the entire Advance team I want to thank Mike for
his leadership over the past four years and helping to launch many
of our strategic initiatives,” said Tom Greco, president and chief
executive officer of Advance Auto Parts. “Mike has been integral in
improving our merchandising and supplier relationships, which we
believe will drive meaningful growth for many years to come. While
we are disappointed to see Mike leave, we wish him nothing but the
best as he begins this new chapter in his career.”
Deep Bench of Proven Leaders
Michael C. Creedon, Jr., Advance’s president, U.S. Stores, has
been promoted to executive vice president, U.S. stores. In addition
to his current responsibilities with field leadership of U.S.
Stores, Creedon will assume new responsibilities for all store
support functions and new store openings. This gives Creedon end to
end ownership of the company’s store operations strategy and
execution. Creedon joined Advance in December 2013 and has held
various senior leadership roles across store operations and
professional sales and has served in his current role since May
2020. Over that time, Creedon has built a track record of
developing talent and raising the bar on execution which has led to
improved store sales and profitability.
Executive vice president and chief marketing officer, Jason
McDonell’s role has been expanded to executive vice president,
merchandising, marketing and e-commerce. McDonell will assume
responsibility for all merchandising and sourcing for Advance in
addition to leading the enterprise marketing and e-commerce
functions. This will enable McDonell to fully integrate the
marketing, merchandising and omnichannel agendas across both
professional and DIY channels. McDonell joined Advance in July 2019
as chief marketing officer and has built a strong marketing team.
McDonell also launched Advance Same Day™ delivery and the DieHard®
battery brand which has driven accelerated growth and share
gains.
Ken Bush, senior vice president, assortment and market
availability, has been promoted to senior vice president,
merchandising, and will report to McDonell. Bush, who has more than
30 years of automotive aftermarket industry experience, will lead
the company’s entire merchandising function, as well as serve as
the primary contact with Advance’s highly valued suppliers. Bush
has a deep background in merchandising, inventory management and
product availability and led the roll out of Advance’s Dynamic
Assortment machine learning platform which has improved both
assortment and close rates.
“Over the past several years, we’ve developed a deep bench of
strong leaders. Mike, Jason and Ken have played an important role
in our transformation progress to date and I have every confidence
that they will build on our current momentum and advance the
company’s strategic objectives,” said Greco.
California Expansion
In addition to these executive leadership changes, Advance also
announced that it plans to lease the retail space of 109 Pep Boys
stores in California and convert them to Advance Auto Parts stores
over the next 9-12 months. The leasing opportunity does not include
Pep Boys Service Centers. The agreement with Pep Boys was signed
earlier this month and will enable Advance to augment its
omnichannel and national footprint in a key, strategic market.
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 January 2, 2021, Advance operated
4,806 stores and 170 Worldpac branches in the United States,
Canada, Puerto Rico and the U.S. Virgin Islands. The Company also
serves 1,277 independently owned Carquest branded stores across
these locations in addition to Mexico, Grand Cayman, 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 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 the
Company's strategic initiatives, operational plans and objectives,
store expansions and future business and financial performance, as
well as statements regarding underlying assumptions related
thereto. Forward-looking statements reflect the Company's views
based on historical results, current information and assumptions
related to future developments. Except as may be required by law,
the Company undertakes 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 timing and implementation of strategic initiatives,
the highly competitive nature of the Company's industry, demand for
the Company's products and services, complexities in its inventory
and supply chain, challenges with transforming and growing its
business and factors related to the current global pandemic. Please
refer to “Item 1A. Risk Factors.” of the Company's most recent
Annual Report on Form 10-K 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/20210315005758/en/
Investor Relations: Elisabeth Eisleben T: (919) 227-5466
E: invrelations@advanceautoparts.com
Media: Darryl Carr T: (984) 389-7207 E:
darryl.carr@advance-auto.com
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