LKQ Corporation Announces New Leadership Appointments
September 19 2022 - 8:00AM
LKQ Corporation (Nasdaq: LKQ), a leading provider of alternative
and specialty parts to repair and accessorize automobiles and other
vehicles, today announced the following leadership appointments,
effective immediately:
- Varun Laroyia,
Executive Vice President and Chief Financial Officer, has been
appointed as Chief Executive Officer and Managing Director of LKQ
Europe. Mr. Laroyia succeeds Arnd Franz, who is leaving the Company
to join Mahle Group (“Mahle”) as its Chief Executive Officer, where
he spent 18 years prior to joining LKQ Europe.
- Rick Galloway,
Chief Financial Officer of LKQ’s Wholesale - North America and Self
Service segments, has been appointed as LKQ’s Senior Vice President
and Chief Financial Officer.
“Varun has been a driving force and passionate
change agent for LKQ the past five years,” stated Dominick Zarcone,
President and Chief Executive Officer. “With his tremendous
leadership and knowledge of the Company and our European markets, I
am thrilled that Varun is taking this role. Varun has been my
trusted partner in the transformation of LKQ. He has brought
tremendous focus to our operational excellence program,
establishing important performance metrics and reviews,
dramatically improving our working capital efficiency and cash
flow, rigorously reviewing our portfolio of businesses, and
thoughtfully driving capital allocation decisions. This experience
and his strategic vision will play a critical role in taking LKQ
Europe to an even higher level of success. Importantly, this
leadership transition comes at a time when the European business is
on track to deliver on its long-term operational and financial
targets.”
Mr. Laroyia commented, “I am excited by the
opportunity to take on the role of CEO of LKQ Europe and lead the
largest distributor of automotive mechanical parts in Europe. I
look forward to working with all our key stakeholders, including
our customers, vendor partners, and talented team across Europe, to
accelerate progress on the tremendous opportunities that exist
within our European business. My priorities will be to deepen our
competitive position, grow the business faster than the market,
continue the earnings momentum, and generate free cash flow.”
“Rick has been a key contributor to the
achievement of the record-level EBITDA margins in our Wholesale -
North America and Self Service segments the past few years, having
generated significant operational and financial efficiencies,” said
Mr. Zarcone. “He is a natural fit and will provide continuity as we
execute on our strategic priorities to deliver value for our
stockholders. We believe Rick’s wealth of operational experience
and clear understanding of our returns-focused strategy will serve
LKQ well.”
“It is an honor to take on this new position at
an important time for the Company,” commented Mr. Galloway. “LKQ is
well positioned for long term success, and I look forward to
driving our financial and strategic initiatives, as well as
continuing to execute on our balanced capital allocation strategy,
alongside our outstanding finance organization.”
“Varun and Rick's appointments are a testament
to the strength of our management team and our focus on talent
development and succession planning. On behalf of the Board and our
broader leadership team, I want to thank Arnd for his dedication
and commitment to LKQ. We wish him success in his new role with
Mahle, which continues to be a key supply partner to our European
operation,” Mr. Zarcone concluded.
About Varun Laroyia
Mr. Laroyia has served as Executive Vice
President and Chief Financial Officer of LKQ since 2017. Prior to
joining the Company, he served as the Chief Financial Officer of
CBRE’s Global Workplace Solutions (GWS) business, following CBRE’s
acquisition of the GWS business from Johnson Controls Inc. (“JCI”),
where he held various positions including Chief Financial Officer
and Vice President of Information Technology. Mr. Laroyia also
previously served in various roles at Gateway, General Electric and
KPMG in Europe and North America. He is an independent member of
the Board of Directors of Univar Solutions, Inc.
About Rick Galloway
Mr. Galloway has served as Chief Financial
Officer of LKQ’s Wholesale - North America and Self Service
segments since 2019. Prior to joining LKQ, Mr. Galloway held
various positions at Alcoa Corporation from 2010 to 2019, including
Chief Financial Officer of Alcoa’s Engineered Products and
Solutions division, a business that consisted of 97 manufacturing
facilities across the globe. Mr. Galloway began his career in
public accounting with Grant Thornton as an auditor with clients in
various industries, including manufacturing, oil and gas,
non-profit, and government.
About LKQ Corporation
LKQ Corporation (www.lkqcorp.com) is a leading
provider of alternative and specialty parts to repair and
accessorize automobiles and other vehicles. LKQ has operations in
North America, Europe and Taiwan. LKQ offers its customers a broad
range of OEM recycled and aftermarket parts, replacement systems,
components, equipment, and services to repair and accessorize
automobiles, trucks, and recreational and performance vehicles.
Forward Looking Statements
Statements and information in this press release
that are not historical are forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995 and
are made pursuant to the “safe harbor” provisions of such Act.
Forward-looking statements include, but are not
limited to, statements regarding our outlook, guidance,
expectations, beliefs, hopes, intentions and strategies. These
statements are subject to a number of risks, uncertainties,
assumptions and other factors that may cause our actual results,
performance, or achievements to be materially different. All
forward-looking statements are based on information available to us
at the time the statements are made. We undertake no
obligation to update any forward-looking statements, whether as a
result of new information, future events or otherwise, except as
required by law.
You should not place undue reliance on our
forward-looking statements. Actual events or results may
differ materially from those expressed or implied in the
forward-looking statements. The risks, uncertainties,
assumptions and other factors that could cause actual events or
results to differ from the events or results predicted or implied
by our forward-looking statements include the factors discussed in
our filings with the SEC, including those disclosed under the
captions “Risk Factors” and “Management’s Discussion and Analysis
of Financial Condition and Results of Operations” in our Annual
Report on Form 10-K for the year ended December 31, 2021 and in our
subsequent Quarterly Reports on Form 10-Q. These reports are
available on our investor relations website at lkqcorp.com and on
the SEC website at sec.gov.
Contact:Joseph P. BoutrossVice President, Investor
RelationsLKQ Corporation(312) 621-2793jpboutross@lkqcorp.com
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