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Advance Invites Motorists To Share ‘Drive Of Your Life’
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By Advance Auto Parts
Advance Auto Parts Appoints Three New Independent Directors
03/11/2024 Enters into Cooperation Agreement with Third Point LLC and Saddle Point Management L.P.
RALEIGH, N.C.--(BUSINESS WIRE)-- 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 it has appointed A. Brent Windom, Gregory L. Smith and Thomas W. Seboldt as independent directors to the Advance Auto Parts board, effective immediately. In connection with these appointments, the company has entered into a cooperation agreement with Third Point LLC (together with its affiliates, “Third Point”) and Saddle Point Management, L.P. (together with its affiliates, “Saddle Point”).
“We are pleased to welcome Brent, Greg and Tom to the Advance Auto Parts board,” said Gene Lee, independent chair of the board of directors. “These directors’ automotive industry and supply chain experience will help us progress in our plan to return the company to profitable growth. With new management in place, important strategic actions underway, and an enhanced board, we are confident that Advance is on the right path to create significant long-term value for shareholders.”
“At Advance, our board prioritizes ongoing refreshment to help ensure we have the right expertise and experience to oversee our strategy while profitably growing our business,” said Shane O'Kelly, president and chief executive officer. “As we continue our operational initiatives focusing on the fundamentals, improving our competitive position, and serving our customers better than anyone else, including through the consolidation of our supply chain to a single unified network, we look forward to benefiting from our new directors’ extensive industry relationships and experience.”
“These three directors bring essential operational experience and industry expertise to support Shane as he executes on an ambitious agenda,” said Daniel S. Loeb, chief executive officer of Third Point. “With fresh perspectives in the C-suite and board room and a long runway for growth, we believe Advance is well positioned to create meaningful value for shareholders.”
“Advance has enormous potential to deliver better results for customers, suppliers, team members, and shareholders. The company's collaborative and focused approach is a key enabling factor for success," said Roy J. Katzovicz, chief executive officer of Saddle Point Management, L.P.
The full cooperation agreement, which contains customary standstill, voting and other provisions, will be filed by the company with the U.S. Securities and Exchange Commission as an exhibit to a Current Report on Form 8-K. Additionally, Legion Partners Holdings, LLC (together with its affiliates, “Legion”), another Advance Auto Parts shareholder, has indicated its support for the additions of Mr. Windom, Mr. Smith and Mr. Seboldt to the company’s board of directors.
With the appointments announced today, the company’s board will temporarily expand to 12 directors. At the 2024 annual meeting scheduled for May 22, 2024, 11 director nominees are expected to stand for election to the Advance Auto Parts board, including the three newly appointed directors.
Advisors
Centerview Partners LLC is acting as financial advisor to Advance Auto Parts and Hogan Lovells US LLP is acting as legal counsel. Willkie Farr & Gallagher LLP is acting as legal counsel to Third Point and Saddle Point, and Proskauer Rose LLP is acting as legal counsel to Saddle Point.
About A. Brent Windom
Brent Windom, 63, is an experienced automotive industry executive, having spent nearly four decades working in roles across the sector. Most recently, Mr. Windom served as President and Chief Executive Officer of Uni-Select Inc., a leading automotive refinish, industrial coatings and automotive aftermarket parts distributor. Previously, Mr. Windom was President and COO of Canadian Automotive Group from July 2017 to May 2019, as well as president and Chief Executive Officer of Auto Plus ǀ Pep Boys, which was formed following Icahn Enterprises L.P.’s acquisition of Uni-Select USA, Inc. and Beck/Arnley Worldparts, Inc. Prior to joining IEH Auto Parts, Mr. Windom spent 10 years with Uni-Select, where he held positions of increasing responsibility including President and Chief Operating Officer, Uni-Select USA.
About Gregory L. Smith
Gregory L. Smith, 60, is a proven supply chain expert with nearly 30 years of experience across a variety of industries. Mr. Smith currently serves as Executive Vice President, Global Operation and Supply Chain of Medtronic plc. Prior to joining Medtronic in 2021, Mr. Smith was Executive Vice President, Supply Chain of Walmart Inc. from 2017 to 2021 and Senior Vice President, Global Operations of The Goodyear Tire and Rubber Company from 2011 to 2016. Earlier in his career, Mr. Smith spent a decade with Conagra Foods, Inc., where he served in several leadership positions, including Executive Vice President, Supply Chain. He previously held roles with United Signature Foods LLC and Aurora Foods Inc.
About Thomas W. Seboldt
Thomas W. Seboldt, 57, is a seasoned automotive executive with over three decades of industry experience. Mr. Seboldt spent the vast majority of his career with O’Reilly Automotive, Inc., where he held several titles of increasing responsibility, including Vice President, Merchandising. Mr. Seboldt has also served on the Board of prominent industry associations including the California Automotive Wholesalers' Association (“CAWA”) and the Auto Care Association. During his tenure on the CAWA Board, Mr. Seboldt has served in a variety of positions, including as President, Vice President, Executive Committee member and Treasurer.
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, 2023, Advance operated 4,786 stores and 321 Worldpac branches primarily within the United States, with additional locations in Canada, Puerto Rico and the U.S. Virgin Islands. The company also served 1,245 independently owned Carquest branded stores across these locations in addition to Mexico and various Caribbean islands. Additional information about Advance, including employment opportunities, customer services, and online shopping for parts, accessories and other offerings can be found at
link hidden, please login to view. 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 our strategic initiatives, operational plans and objectives, corporate governance, board performance, director nominees at the 2024 annual meeting of stockholders, expectations for economic conditions, future business results and future financial performance, as well as statements regarding underlying assumptions related thereto. Forward-looking statements reflect our 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 company’s leadership transition, the timing and implementation of our initiatives, our potential divestiture of Worldpac and the company's Canada business, our ability to hire, train and retain qualified employees, deterioration of general macroeconomic conditions, the highly competitive nature of our industry, demand for our products and services, complexities in our inventory and supply chain and challenges with transforming and growing our business. Please refer to “Item 1A. Risk Factors” of our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”), as updated by our subsequent filings with the SEC, 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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By NAPA
When it comes to working in the shop, personal safety should always be the top priority. Safety glasses, gloves, hearing protection, even work boots are all meant to keep your body protected. It should come as no surprise that with new hybrid and electric drivetrains, there are also new safety gear requirements. Insulated tools are just the start of a well-stocked shop. There’s more to electrical safety than just owning a set of
link hidden, please login to view. This expert advice is meant to give an overview of the kinds of general
link hidden, please login to view (PPE) needed to service hybrid and electric vehicles. It is important to follow proper repair procedures for these vehicles, as described in the vehicle specific repair manual. This includes using all required PPE listed in the repair procedure with no exceptions. If you do not have ALL of the necessary PPE, DO NOT proceed with a repair, as doing so could lead to severe injury or even death. Now that you have an idea of the serious nature of vehicle high-voltage electrical systems, let’s take a look at how you can protect yourself. Personal Protection
Wearing the right personal protection gear is a must when working with electric and hybrid vehicle high-voltage systems. The electrical energy stored in a typical main traction battery pack is more than enough to kill or seriously injure a person.
In the past, wearing gloves while working on a car was usually a personal preference. Today, when working on high-voltage electrical systems, wearing gloves is mandatory. And not just one pair of gloves, but two pairs (inner and outer) are to be worn together. Just in case you are wondering, welding gloves are NOT the same as high-voltage
link hidden, please login to view. Class 0 gloves are required for protection up to 1,000 volts AC and 1,500 volts DC. One pair of rubber gloves (inner) protects against electric shock, while the leather gloves (outer) protect the rubber gloves from mechanical wear. They must be worn together in order to perform correctly. Electrical gloves
link hidden, please login to view every six months to ensure they are still capable of insulating the user from the rated voltage. Gloves will be labeled with the test date near the cuff. The exact personal protection gear needed for a repair will be spelled out in the vehicle service repair manual procedures. This may include an insulated apron,
link hidden, please login to view, insulated arm sleeves, link hidden, please login to view, arc flash face shield with neck protection, and insulated mats or blankets. These layers of protection are necessary not just for avoiding shocks, but also potential explosions like an arc flash. Tool Safety
It may seem odd to consider hand tools as part of personal protection equipment, but that is exactly the case when working with electricity. Most ordinary hand tools are made from metal, which does an excellent job conducting electricity. For servicing high-voltage electrical systems tools need to be designed in such a way that they don’t provide a path for electricity to travel to the technician, or to other vehicle components. That’s why EV tools are specially designed to protect the technician when used properly.
An EV tool set is a must-have for any technician looking to service an electric vehicle. A good start for insulated hand tools is an insulated screwdriver set, an
link hidden, please login to view and an link hidden, please login to view. Electric vehicle tools used for diagnostics need to handle higher voltages, like this link hidden, please login to view. For repairs where the battery pack must be removed, special care must be taken due the extreme weight involved. A link hidden, please login to view is the proper way to lower and transport a hybrid or electric vehicle battery pack. You wouldn’t pull an engine out of a car without the proper lifting equipment, so give the same respect to a heavy traction battery pack. Work Space Safety
Normally, when a car is being worked on in a service bay, there is little danger to fellow technicians. But that isn’t the case with a modern electric or hybrid vehicle. Whenever the high-voltage electrical system on one of these vehicles is exposed, proper notification must be given to those working in the area. Place
link hidden, please login to view and link hidden, please login to view around the vehicle whenever the high voltage electrical system is being serviced. This warns other technicians that there is an electrical shock hazard in the shop, and to keep their distance. You may also place an electrical warning sign on the vehicle to signal to everyone in the shop to stay away. Part of your workspace safety gear must be an
link hidden, please login to view. If a technician suffers an electrical accident while working on a vehicle, anyone attempting to help them is also in danger of electric shock. An insulated safety hook must be used to separate the victim from the electrical source. The last tip for work space safety is to never work on an electric or hybrid vehicle alone. Always let another technician or coworker know you are working on a high-voltage electrical system, and to check in on you periodically. Training Is The Key To Safety
Working on hybrid and electric vehicle high voltage systems requires meticulous procedures and extensive training. While there are plenty of dangers when working on internal combustion vehicles, many of the safety procedures surrounding those vehicles have been known for decades. As EV and hybrid drivetrain become more mainstream, so will their service safety procedures.
Tackling hybrid and electric vehicle high-voltage system repairs isn’t impossible, but there must be dedication to proper training. If you are a technician (or are wanting to become a technician), and are looking for electric vehicle service training,
link hidden, please login to view can help. NAPA Auto Tech offers a wide variety of convenient, cost-effective ways to become an automotive professional. In addition to eLearning and instructor-led training, NAPA Auto Tech offers hands-on and seminar-style classes for almost every make and model to help technicians keep their skills up to date. Photos courtesy of Brian Medford.
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By Dorman Products
Estimating repairs for “pretty little souped-up four-wheel drive” after vandalization
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