Advance Auto Parts Announces Leadership Transition

first_imgAdvance Auto Parts today announced that its board of directors has appointed President George Sherman to the additional role of interim CEO, effective Jan. 3, 2016, the beginning of the company’s next fiscal year. Sherman will succeed Darren Jackson, who will retire as CEO and step down from the board on Jan. 2, 2016, after more than 11 years with the company, including the past eight years as CEO.AdvertisementClick Here to Read MoreAdvertisementThe company also announced that, effective immediately, current Board Chairman John C. “Jack” Brouillard will become executive chairman. In this role, Brouillard will continue to provide board leadership and work closely in an advisory capacity with Sherman as the company continues to implement its long-term strategy. The board also named board member John Ferraro to take on the role of lead independent director.Brouillard said, “Since joining Advance Auto Parts nearly three years ago, George Sherman has demonstrated a range of important skills through his efforts to expand our commercial business, improve operations and oversee the integration of General Parts. We are confident that George’s understanding of our business, strong customer relationships, and proven leadership abilities position him well to lead the company through this transition period. As part of our search process, the board will consider external candidates as well as George for the role of permanent CEO.”Brouillard continued, “On behalf of the board, I want to thank Darren Jackson for his extraordinary service to Advance Auto Parts. During his eight years as CEO, Advance has doubled in size while growing its market value more than $10 billion and increasing its share price from $33 to $195. Darren’s leadership and commitment to excellence have transformed Advance into an industry leader that is well-positioned strategically, operationally and financially to capitalize on the opportunities that lie ahead.”AdvertisementSherman said, “I am honored to have the opportunity to lead Advance Auto Parts during this interim period. With increased scale and reach, including loyal DIY customers and an expanding presence in the fast-growing commercial segment, we are well positioned to drive growth and achieve our margin targets. I look forward to continuing to work closely with our talented executives and the thousands of hard-working Advance team members as we build value for our shareholders, customers and team.”Jackson added, “It has been a privilege to lead this great company. Advance Auto Parts is well-positioned to build upon its position as a leading automotive aftermarket parts provider, and I am confident George will successfully guide Advance during this interim period in continuing to implement its strategic plan.”In other news, Advance has entered into an agreement with Starboard Value LP and its affiliates, which has an ownership stake of approximately 3.7 percent of Advance Auto Parts’ shares, regarding the membership and composition of the Advance Auto Parts Board.Under the terms of the agreement, Jeffrey Smith, Starboard’s CEO and chief investment officer, has been appointed to the Advance Auto Parts Board, effective immediately, and the size of the board has been expanded from 12 to 13 members. Smith will serve as chair of the nominating and corporate governance committee and also will be a member of the compensation and finance committees. In addition, Starboard will designate two independent directors to be added to the Advance board as soon as practical. The company will name two additional independent directors designated by the nominating and corporate governance committee for election at the company’s 2016 annual meeting. It is expected that following the 2016 annual meeting the board will have 12 or 13 members.last_img read more

Deal defers access charge hike

first_imgcontrol period. The rest will be added to the company’s Regulatory Asset Base for CP4 starting on April 1 2009, and repaid out of future access charges. Winsor emphasised on March 10 that the reprofiling was conditional on the first issue of bonds under NR’s securitisation programme being completed by December 31 2004. Bookbuilding has already started for a £10bn bond issue. This Medium-Term Notes programme has been backed by a ’letter of comfort’ from the Department for Transport. Winsor also required SRA to relinquish its ’control’ over Network Rail policy which might have brought NR debts within the government’s Public Sector Borrowing Requirement. The relationship between Network Rail, SRA and the Regulator has been clarified by a letter from DfT (right). After the transitional period, fixed track access charges for the franchised Train Operating Companies will double from just under £900m to around £1·8bn a year with effect from April 1 2006. ORR has recalculated the access charges for each TOC to reflect investment and renewals work planned on each part of the network.SUBSTANTIAL increases in track access charges for use of the UK rail network have been deferred by two years, following an agreement between Network Rail and Rail Regulator Tom Winsor announced on March 10. Supported by the government, the deal means that around 60% of the company’s income over the next five years will be paid as direct grant by the Strategic Rail Authority.Access charges for the passenger franchises had been due to double fom April 1 under the terms of a new five-year regulatory Control Period 3. Following an interim review last year, Winsor increased the amount that Network Rail will be allowed to spend on maintenance and renewal of the infrastructure (RG 1.04 p8). However, the need to compensate operators for the sudden increase would have exceeded SRA’s budget. Under the latest compromise, track access charges will be held at current levels for the next two years. Deferring the increase will create a revenue shortfall of around £1·5bn a year, which NR will cover through a £3·1bn increase in borrowing. Of this, a third is to be paid back over the rest of the control period. The rest will be added to the company’s Regulatory Asset Base for CP4 starting on April 1 2009, and repaid out of future access charges. Winsor emphasised on March 10 that the reprofiling was conditional on the first issue of bonds under NR’s securitisation programme being completed by December 31 2004. Bookbuilding has already started for a £10bn bond issue. This Medium-Term Notes programme has been backed by a ’letter of comfort’ from the Department for Transport. Winsor also required SRA to relinquish its ’control’ over Network Rail policy which might have brought NR debts within the government’s Public Sector Borrowing Requirement. The relationship between Network Rail, SRA and the Regulator has been clarified by a letter from DfT (right). After the transitional period, fixed track access charges for the franchised Train Operating Companies will double from just under £900m to around £1·8bn a year with effect from April 1 2006. ORR has recalculated the access charges for each TOC to reflect investment and renewals work planned on each part of the network.Relationships clarified’The jurisdiction of the SRA is separate from that of the Rail Regulator. It neither overlaps nor competes with that of the Rail Regulator. The two authorities have common statutory purposes. They have separate and complementary jurisdictions. ’Apart from the accountability of its Board to its members, Network Rail’s principal accountabilities are to its train operator customers, under access contracts and the network code, and to the Rail Regulator under statute and the company’s network and station licences. The SRA monitors and enforces the consumer protection conditions of Network Rail’s licences. The Rail Regulator is independent of government, whereas the SRA is a non-departmental public body.’The Secretary of State attaches considerable importance to the independence of Network Rail, as a private-sector company limited by guarantee, which is accountable to its members and subject to independent economic regulation. He views as essential the commercial relationship between Network Rail and its customers, who are the operators of freight and passenger services. ’The fact that income is received in the form of grant will not affect in any way the independence of Network Rail or disturb the company’s contractual and commercial relationships. The payment of grant does not create any obligation on the part of Network Rail to the Strategic Rail Authority or any right on the part of the SRA to seek to direct or influence Network Rail.’ Letter from Department for Transport Permanent Secretary David Rowlands to Rail Regulator Tom Winsor, December 16 2003TABLE: Table I. Reprofiled Network Rail funding in CP3, úm at 2002-03 prices 2004-05 2005-06 2006-07 2007-08 2008-09 TotalNet revenue requirement 4444 4413 4245 4203 4142 21448Fixed & variable charges 1203 1219 2132 2121 2284 8959Existing grants 1262 644 544 0 0 2450New grants 448 941 1569 2082 1858 6898Borrowing to cover shortfall 1532 1609 0 0 0 3141last_img read more

£500,000 Parks Funding In Full Swing

first_imgAddThis Sharing ButtonsShare to FacebookFacebookFacebookShare to TwitterTwitterTwitterShare to LinkedInLinkedInLinkedInDumfries and Galloway Council has £500,000 of funding available to make parks in Annan, Dumfries and Stranraer more accessible, but we need to hear from you!They want to know which Parks in Annan, Dumfries and Stranraer you think this money should be spent on.The Council funding has been made available to make parks in Annan, Dumfries and Stranraer more accessible to all members of our community, particularly for children and young people with a disability. We want to hear the views of children, young people, parents and carers. We are keen to work in partnership with organisations that represent children, young people, parents and carers who have a disability, or community groups who are already working to improve parks in these areas.Your feedback will influence how and where the money is spent. Have your say here Paper copies of the consultation are also available from Customer Services Centres. The consultation closes on Monday 17 July.Chairman of the Council’s Communities Committee, Councillor Andy Ferguson said;“It is vital we provide accessible and modern play areas for the children of the region. This money will be spent on upgrading parks in 3 of our main towns in the region, but we need your input to tell us where you’d like the money allocated to. We have some beautiful parks throughout Dumfries and Galloway, and this funding will allow us to improve and replace equipment to make the play parks accessible, compliant and fun for children. Please take 2 minutes to complete the survey online, or pop into one of our facilities to pick up a hard copy.”last_img read more

Manchester United vs Chelsea: Livescore from EPL clash at Old Trafford

first_imgManchester United welcome a big rival to Old Trafford, for the second time in five days, when Chelsea come visiting this Sunday.Ole Gunnar Solskjaer’s men were beaten 2-0 by city rivals Manchester City on Wednesday night.The defeat damaged their top-four hopes, while putting City in control of the title race.Chelsea were held 2-2 by Burnley in their last fixture and will be looking to boost their chances of qualifying for the Champions League.Kick off is 4.30pm West African time.Sunday, April 2816:30 Manchester United vs Chelsealast_img read more

Friday Lakes 8 girls hoops roundup: Western Michigan Christian cruises past MCC

first_img Displayed poorly Bestseller DEAL OF THE DAY Displayed poorly ENDS IN Other Inappropriate / Offensive Displayed poorly Thank you! This will help us improve your ad experience. We will try not to show you such ads again. Bestseller Thank you! This will help us improve your ad experience. We will try not to show you such ads again. (32825) Inappropriate / Offensive Not relevant ENDS IN Fox Sports Go Report a problem This item is… Inappropriate / Offensive Add Comments (Max 320 characters) $20.00$233.61 Other × Displayed poorly Report a problem This item is… Report a problem This item is… ENDS IN Not relevant Inappropriate / Offensive Add Comments (Max 320 characters) × DEAL OF THE DAY $0.00 Not relevant Report a problem This item is… DEAL OF THE DAY × Inappropriate / Offensive Thank you! This will help us improve your ad experience. We will try not to show you such ads again. $9.99 Ads by Amazon Share Add Comments (Max 320 characters) Report a problem This item is… Thank you! This will help us improve your ad experience. We will try not to show you such ads again. NBC Sports Thank you! This will help us improve your ad experience. We will try not to show you such ads again. $19.29 Not relevant DEAL OF THE DAY Other Other Shop Now Add Comments (Max 320 characters) Add Comments (Max 320 characters) Bestseller Bestseller Other Twelve DEAL OF THE DAY ENDS IN Bestseller (975) × Shares Displayed poorly Range: Why Generalists Triumph in a Special… Mail FOX Sports: Stream live NFL, College Footbal… Inappropriate / Offensive ENDS IN (5153) DEAL OF THE DAY Inappropriate / Offensive Inappropriate / Offensive Not relevant Share Other $14.99 Ads by Amazon × Thank you! This will help us improve your ad experience. We will try not to show you such ads again. Not relevant $22.99 × Add Comments (Max 320 characters) Bestseller Other × (8133) (3879) Add Comments (Max 320 characters) Bestseller Displayed poorly Thank you! This will help us improve your ad experience. We will try not to show you such ads again. Report a problem This item is… Displayed poorly DEAL OF THE DAY Displayed poorly (1445) ENDS IN Lemedy Women Padded Sports Bra Fitness Wo… $0.00 Thank you! This will help us improve your ad experience. We will try not to show you such ads again. Not relevant 0 DEAL OF THE DAY × Report a problem This item is… Sports Illustrated Bestseller (35309) LocalSportsJournal.comThe Western Michigan Christian girls basketball team cruised to a 62-32 win over Muskegon Catholic Central in a Lakes 8 Conference game on Friday night.The Warriors had three different players in double figures for the first time this season in the conference win.Taylor Folkema led WMC with a game-high 19 points, along with seven rebounds and four steals.Maddie Wiersema had a double-double with 14 points and 10 rebounds for the Warriors, while Peyton Allen chipped in with 10 points and four steals.The Warriors jumped out to a 10-point lead in the first quarter, and maintained their control of the game, scoring 14, 15 and 14 during the final three quarters while holding the Crusaders to six, eight and nine points.The Crusaders were led by Jailyn Johnson with 11 points and McKenna Gentry with eight.WMC improved to 4-4 overall and 3-1 in Lakes 8 play, while the Crusaders are now 1-8 on the season and 1-3 in conference action.LUDINGTON 66, MUSKEGON HEIGHTS 17 – The Orioles outscored Muskegon Heights 34-6 during in the first half, then continued their strong play during the second half, going on a 32-11 run.Bre Mesyar led the scoring with 12 points on a night where 10 different players put points on the board for the Orioles.Ludington improved to 7-1 overall with the win and is undefeated in conference with a 4-0 record.The Tigers dropped to 2-7 and are 1-3 in conference action.MANISTEE 38, ORCHARD VIEW 22 – The Cardinals fell behind early, trailing 16-6 in the first and 19-8 at halftime. Orchard View was outscored 9-4 in the third quarter.Kyah McGruther led the Cardinals with seven points and three steals. Allison Tenhove added six points while Lillie Goodrich had five.The Cardinals fell to 0-10 overall and 0-4 in conference play. Other Add Comments (Max 320 characters) ENDS IN Report a problem This item is… $0.00 (832) Nuun Sport: Electrolyte Drink Tablets, Citru… ENDS IN Not relevantlast_img read more