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BBB Industries Appoints Emily Weaver as CFO
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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 Counterman
BBB Industries on Feb. 12 announced two strategic leadership changes.
BBB has appointed John Boyer as president of BBB’s undercar division. Boyer has been with BBB since 2015 and has served in various roles, most recently as president of TERREPOWER, BBB’s solar-system and EV-battery lifecycle-management division.
“Boyer’s product/market insights and hands-on approach are ideally suited to lead BBB’s undercar team,” the company said in a news release.
Boyer has more than 30 years of experience leading automotive parts manufacturing, distribution and retail businesses to higher levels of performance and growth, including more than 10 years with AutoZone, BBB noted.
Maria Caballero has been appointed president of TERREPOWER, a division of BBB Industries.
Caballero brings more than 30 years of experience and a record of outstanding leadership and achievements to this position, the company said.
Prior to joining BBB, Caballero led the Visteon Electronics OE service group. She also worked for Ford’s automotive component division where she held various roles in manufacturing, business planning and program management.
“Her unique blend of technical expertise, detailed executional excellence and dedication to the company’s core values make her the right executive to lead TERREPOWER through the next stage in its evolution,” the company said.
“BBB is deeply committed to exceeding the expectations of our customers, colleagues and investors,” added Duncan Gillis, CEO of BBB Industries. “These key changes within our senior leadership team reflect our relentless pursuit of innovation, growth and competitive excellence.”
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By Advance Auto Parts
Advance Auto Parts Appoints Ryan Grimsland as Executive Vice President and Chief Financial Officer
11/15/2023 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 Ryan Grimsland as executive vice president and chief financial officer, effective November 27, 2023. Tony Iskander, who has served as interim chief financial officer since August 2023 will continue in his role as senior vice president, finance and treasurer.
“I am excited to welcome Ryan to the Advance family and look forward to partnering with him as we begin a new chapter in the company’s 90-year history,” said Shane O’Kelly, president and CEO. “Following a robust search, we are confident that Ryan’s deep finance, retail, strategy development and transformation experience will be invaluable as we execute on our comprehensive business review and work to realize Advance’s full potential. We thank Tony for his dedication and outstanding contributions while serving in the interim role. As we look ahead, our entire team is focused on building on the progress we are already making to reposition the company for long-term success and value creation.”
Mr. Grimsland, 46, brings more than 20 years of corporate finance, treasury, financial planning, and retail strategy and transformation experience. Most recently, Mr. Grimsland served as senior vice president, strategy and transformation at Lowe’s Companies, Inc. 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. Prior to joining Lowe’s, he held positions in operations and finance at Haverty’s Furniture and UBS. Mr. Grimsland earned an MBA in accounting from Benedictine University and a bachelor’s degree in business administration from High Point University.
Mr. Grimsland said, “I am thrilled to join Advance and honored to serve as the company’s chief financial officer. I look forward to working with Shane, the board of directors and leadership team, and the nearly 70,000 dedicated team members across the organization to deliver operational improvements, execute on the company’s repositioning, and deliver long-term, sustainable shareholder value.”
The company also announced that it is eliminating the position of executive vice president, merchandising, marketing and e-commerce, currently held by Jason McDonell, as part of its efforts to streamline the organizational structure. As a result, Mr. McDonell will depart from the company effective December 1, 2023. Mr. McDonell’s responsibilities will be assumed by other members of the Advance leadership team.
Mr. O’Kelly added, “On behalf of the entire Advance team, I thank Jason for his leadership and contributions over the past four years. Jason helped develop our enterprise marketing and e-commerce functions and launched Advance SameDay™ delivery as well as our DieHard® brand, which has enabled accelerated battery sales growth and share gains. We wish Jason all the best in the future.”
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 October 7, 2023 Advance operated 4,785 stores and 320 Worldpac branches primarily within the United States, with additional locations in Canada, Puerto Rico and the U.S. Virgin Islands. The company also served 1,307 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 leadership transitions, strategic initiatives, operational plans and objectives, our strategic and operational review and 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, we undertake 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 strategic initiatives, 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 Counterman
Niterra North America Inc. (formerly NGK Spark Plugs U.S.A. Inc.) announced that Michael Burchi has been appointed general manager of aftermarket and OE product.
Burchi will step into the role vacated by Mark Boyle, who was recently promoted to PAMA regional general manager of product.
“Mike has been a Niterra associate for over five years and has made significant contributions to the product team during his time with the company, managing product lifecycles, reducing global costs and analyzing key customer KPIs,” said Kirt Denman, director of aftermarket.”In his new role, Burchi will oversee the aftermarket and OE product, business intelligence, content, customer support and training/technical services for the U.S. and Canada.”
Burchi graduated from Michigan State University with a B.A. in International Relations Economics.
He has spent his career in automotive product management, specializing in situation analysis, product strategy and executive summaries to streamline decision-making. Burchi also has expertise in data analytics.
“I am excited to step into this new role,” said Burchi. “I know my background and expertise will allow me to lead these teams into a sustainable future of innovation and growth.”
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By Counterman
Lee Rodgers of Automotive Parts Associates (APA) has been appointed to CAWA’s board of directors.
Rodgers is APA’s product director.
“We are pleased to have Mr. Rodgers serve in a leadership role for the Association and welcome him to the Board of Directors,” said Young Suhr Jr., chair of the CAWA board of directors.
Rodgers, who joined APA in June, has 10 years of experience in the automotive aftermarket. In his position at APA, Rodgers is responsible for the management of supplier relationships and overall product strategy.
link hidden, please login to view is a Sacramento, California-based trade association that represents auto parts, jobbers, retailers, warehouse distributors, manufacturers, manufacturer representatives and program groups. The post
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