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

Moore is too much for opening night Arizona IMCA Mod Tour foes

first_imgBob Moore won the opening night Arizona IMCA Mod Tour main event, and $1,250, Friday at Cocopah Speedway. (Photo by Melissa Coker)By Mike SpiekerYUMA, Ariz. (Feb. 10) – Bob Moore scored the opening night Arizona IMCA Modified Tour win after a couple spirited battles with Shawn Strand and Hunter Marriott.The first annual tour commenced Friday night at Cocopah Speedway with an outstanding field of 85 Modifieds in attendance. Moore’s victory paid $1,250 and put him on the ballot for the upcoming Fast Shafts All-Star Invitational.After taking the lead away from polesitter Strand, on lap two, Moore opened up a sizeable lead and checked out from the field. As the race advanced, however, Strand’s machine got faster and he was able to reel in and pass Moore to reclaim the lead.The race was slowed at halfway as seven cars tangled in turn one to bring out the caution. When the race resumed, Moore went to the low side of turns one and two to grab the lead away from Strand. Marriott followed suit and rode in Moore’s tire tracks to take the second spot.In the closing laps, lapped traffic allowed Marriott to close the gap between himself and Moore, with only three car lengths separating them at the white flag. Moore carefully maneuvered his way around the slower cars and held off Marriott to secure the win.“I didn’t even know [Marriott] was there,” Moore said after the race, when asked if he felt any pressure from Hunter. “I knew the top was the place to be and I kept inching my way up there throughout the race. You had to be way up there to be fast.”Jason Rogers, who started outside of the front row, took the win in the 20-lap IMCA Sunoco Stock Car main event. Kyle Frederick came home second, followed by polesitter Andrew Altenburg.Mike Tanner found victory lane in the Karl Chevrolet Northern SportMods. The Missouri driver started on the pole and topped hometown driver Cory Hemphill.Cory Tharp collected the IMCA Sunoco Hobby Stock checkers, ahead of Craig Ebers.Feature ResultsModifieds – 1. Bob Moore; 2. Hunter Marriott; 3. Shawn Strand; 4. Lance Mari; 5. Ryan Gaylord; 6. Cody Laney; 7. 
Sean Jerovetz; 8. Lucas Schott; 9. Jimmy Gustin; 10. Jesse Sobbing; 11. Spencer Wilson; 12. Tyler Peterson; 3. Tripp Gaylord; 14. Jeff James; 15. Jacob Hobscheidt; 16. Jesse Williamson; 17. Ryan McDaniel; 18. Jason Wolla
; 19. Chase Allen; 20. Josh McGaha; 21. Collen Winebarger; 22. Austin Kuehl; 23. Troy Gemmill; 24. Bricen James; 25. Jeff Taylor
; 26. Justin Zeitner; 27. 
Nick Decarlo; 28. Bobby Horton; 29. Jeremy Thornton.Stock Cars – 1. Jason Rogers
; 2. Kyle Frederick; 3. Andrew Altenburg; 4. Jody York; 5. 
Race Fisher
; 6. Tony Hill
; 7. Brendon LaBatte; 8. Steven Kihle; 9. George Fronsman; 10. Thomas Daffern; 11. Larry Brigner; 12.  Micheal Mabbitt; 13. Jake Smith
; 14. Joe Haines
; 15. Elijah Zevenbergen; 16. Joe O’Bryan; 17. Manny Baldiviez; 18. Aaron Spangler; 19. Jimmy Davy.Northern SportMods – 1. Mike Tanner; 2. Corey Hemphill; 3. Nick Spainhoward; 4. Kyle Smith; 5. 
Brady Bjella; 6. Corey Clayton; 7. Miles Morris; 8. Joshua Cordova; 9. Clint Clausen; 10. Dennis Gates; 11. Chris Toth
; 12. Kenny Wyman Jr.; 13. James Dupre; 14. Tyler Mecl
; 15. Allen Webb; 16. 
Dale Kunz; 17. Dwayne Melvin; 18. Tate Johnson; 19. Austin Kiefer; 20. Adolfo Noriega; 21. Brandyn Johnson; 22. Brian Roode; 23. Jason George; 24. Mark Madrid; 25. Ron Pegues.Hobby Stocks – 1. Cory Tharp; 2. Craig Ebers; 3. Jason Beshears; 4. Joshua Cordova; 5. Scott Shaw
; 6. Jim Robinson; 7. Tim Clayton; 8. Harvey Quinn.last_img read more