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By AutoZone
MEMPHIS, Tenn. , Dec. 05, 2023 (GLOBE NEWSWIRE) -- AutoZone, Inc. (NYSE: AZO) today reported net sales of $4.2 billion for its first quarter (12 weeks) ended November 18, 2023 , an increase of 5.1% from the first quarter of fiscal 2023 (12 weeks). Same store sales, or sales for our domestic and
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By Counterman
New Advance Auto Parts CEO Shane O’Kelly served as a U.S. Army captain in the 1990s after graduating from the U.S. Military Academy at West Point.
Early in Advance’s third-quarter conference call on Nov. 15 – during which the company reported an operating loss of $43.7 million – O’Kelly said his time in the military taught him the importance of aligning an organization “around fewer measurable goals while ensuring while ensuring discipline and accountability in the process to achieve those goals.”
O’Kelly, who replaced Tom Greco as CEO on Sept. 11, then outlined five “decisive actions” that Advance is taking “to help stabilize the company and return to profitable growth.”
The headliner was the company’s decision to divest its most prized asset: Worldpac.
Advance acquired Worldpac and Carquest in 2014 through its acquisition of General Parts International Inc. At the time, Advance boasted that the transaction created the largest provider of aftermarket parts in North America.
Centerview Partners, an investment-banking and advisory firm, will assist with the sale process, according to the company.
“Worldpac is a high-performing business and as you know, is very different than our core blended-box model,” O’Kelly said during the conference call. “As we get back to the fundamentals of servicing our professional and DIY customers, we view now as the right time to simplify our model. The Worldpac business still operates relatively independently from Advance, and we believe that the sale process will not create a distraction.”
In a separate sales process, Advance plans to divest its business in Canada. Advance’s Canadian business – which goes to market under the Carquest banner – predominantly serves DIFM customers.
As part of its operational review launched in August, Advance also announced a cost-cutting program that the company expects to generate at least $150 million in annualized savings. While Advance’s Q3 net sales were up 3% to $2.7 billion, the company reported negative cash flow through the first three quarters of 2023 – an outflow of $156.8 million.
The cost-reduction program “will be primarily driven by simplifying our organizational structure, minimizing duplicative efforts and eliminating investments that are not core to supporting our frontline team members and customers,” O’Kelly said.
O’Kelly noted that Advance plans to reinvest approximately $50 million from the cost-cutting program “to improve the retention of our frontline teams and ensure we have experienced team members to serve our customers.”
“In fact, we began making changes to our frontline compensation structure in Q3 and are already seeing a reduction in turnover in targeted frontline roles,” he added.
Advance Appoints New CFO
Coinciding with its third-quarter earnings announcement, Advance announced the appointment of Ryan Grimsland as executive vice president and chief financial officer, effective Nov. 27.
Tony Iskander, who has served as interim chief financial officer since August, will continue in his role as senior vice president, finance and treasurer.
Grimsland, 46, brings more than 20 years of experience in corporate finance, treasury, financial planning and retail strategy and transformation.
Most recently, Grimsland served as senior vice president, strategy and transformation at Lowe’s Companies. During his 17-year tenure at Lowe’s, he held leadership roles across all aspects of the finance organization, including senior vice president, corporate finance and treasurer; vice president, corporate financial planning and analysis; and vice president, stores finance.
During Advance’s Nov. 15 conference call, O’Kelly said Grimsland “has a strong track record of driving organizational improvements while implementing best practices to resolve complex issues.”
“In addition to our CFO announcement, we’ve taken action to streamline our management structure,” O’Kelly added. “We have reorganized parts of my leadership team and transitioned responsibilities for our marketing, merchandising and e-commerce functions to the appropriate leaders in our organization who will drive enhanced collaboration and accountability.”
As part of that reorganization, Advance announced that it is eliminating the position of executive vice president, merchandising, marketing and e-commerce, currently held by Jason McDonell. McDonell will depart from the company effective Dec. 1.
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By AutoZone
MEMPHIS, Tenn. , Nov. 09, 2023 (GLOBE NEWSWIRE) -- AutoZone, Inc. (NYSE: AZO), the leading retailer and distributor of automotive replacement parts and accessories in the Americas , will release results for its fourth quarter ended Saturday, November 18, 2023 , before market open on Tuesday,
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By AutoZone
MEMPHIS, Tenn. , Nov. 03, 2023 (GLOBE NEWSWIRE) -- AutoZone, Inc. (NYSE: AZO) today announced that Lindsay Lehman , a three-year AutoZoner and Vice President, Marketing, has been promoted to Senior Vice President, Marketing, effective November 6, 2023 .
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By Counterman
Photo caption: Philip Daniele III (left) will succeed Bill Rhodes, who will relinquish his positions as president and CEO in January.
Over the past few months, AutoZone has announced multiple leadership changes at the company.
In late June, AutoZone announced Bill Rhodes’ decision to relinquish his positions as president and CEO effective January 2024. Rhodes will become executive chairman of the board.
The company has selected Philip Daniele III, currently executive vice president merchandising, marketing and supply chain, to succeed Rhodes as CEO in January 2024. Daniele, a 29-year AutoZoner, also will become a member of the board of directors.
“On behalf of the board of directors, I want to thank Bill for his outstanding leadership during his more than 18 years as our CEO, and we are excited and grateful that he will remain actively involved as executive chairman and an officer of the company,” said Earl G. Graves Jr., lead director. “Bill, the executive committee and CEO team have led the company through unprecedented growth while continuing to nurture and evolve AutoZone’s unique and powerful culture. AutoZone is eternally grateful for his many contributions during his almost 30 years of service.”
Rhodes has been president and CEO and on the board of directors since March 2005. In June 2007, he was named chairman of the board. During his tenure as president and CEO, the company has roughly doubled the number of stores; grown the number of AutoZoners to approximately 115,000; increased revenues by more than three times, this year surpassing $17 billion; and grown the stock price by more than 25 times. Rhodes also has served on numerous industry and community boards.
“Being an AutoZoner and having the opportunity to help lead this amazing team has been one of the greatest honors of my life,” Rhodes said. “I’m incredibly excited that the board has elected Phil as CEO-Elect. Phil and I have worked together very closely for over 25 years. Phil knows this company as well as anybody and has a passion for this business that is arguably un-paralleled. More importantly, Phil understands AutoZone’s success has been driven by a deep, passionate set of leaders who support great AutoZoners across the globe. He embodies what our founder J.R. Hyde III’s father taught us when he said, ‘No individual builds a business … an individual builds the organization, and the organization builds the business.’”
Newbern, Jackson Promoted
On Sept. 18, AutoZone announced several additional leadership changes in the offing.
AutoZone has promoted Tom Newbern, currently executive vice president, operations, sales and technology, to chief operating officer. Newbern has been with the company for 38 years.
AutoZone has promoted, Jamere Jackson, currently chief financial officer and executive vice president, finance and store development, to chief financial officer. Jackson will continue to lead the finance and store development teams.
Daniele is positioning Newbern and Jackson as equivalents and the senior-most leaders of his leadership team.
Additionally, Bill Hackney, a 38-year AutoZoner, currently senior vice president, merchandising, has been promoted to executive vice president, merchandising, marketing and supply chain replacing Daniele, who previously held the role.
“I’m very excited about these strategic moves, which position us well for continued growth,” Daniele said. “Jamere and Tom are exceptional leaders and having them at my side will be an enormous benefit. Also, Bill Hackney’s promotion to executive vice president reflects the deep strength of our leadership team. All are proven leaders and poised to serve our customers and lead our company for many years to come.”
Finally, three of AutoZone’s other executive committee members will be retiring around the end of the calendar year, consistent with AutoZone’s long-standing succession plan.
Retiring are Grant McGee, senior vice president, commercial; Charlie Pleas, senior vice president, finance and accounting; and Al Saltiel, senior vice president, marketing and e-commerce.
AutoZone said the company will replace McGee and Saltiel, and will be restructuring Pleas’s role.
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