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

NBS/GCA rolls out eighth annual second division 40-over tournament

first_imgFor the eighth consecutive year, the Georgetown Cricket Association (GCA) will be organizing the New Building Society-sponsored second division 40-over tournament. The event was introduced with a simple launching at the company’s Avenue of the Republic, Georgetown branch yesterday with Chairman of the Board, Floyd McDonald.McDonald expressed the company’s satisfaction with the stewardship of the GCA and said that it is with the recognition of those at the helm of the association that NBS granted the request for the sponsorship.He revealed that the financial institution is also sponsoring a tournament of a similar nature in Berbice which is also set to begin once the weather is conducive to cricket. McDonald revealed that in the pipeline there is a clash between the two top teams in Berbice and Georgetown this year  in a T20 format to decide the true champion.McDonald said that this tournament is a testament to the company’s investment in not only sport, charity and education but its contribution to the development of lives.In addition, he said that it is here where the development begins which is then transferred to the country and region before reaching the international stage in the form of the West Indies team while acknowledging the perils of that unit. NBS has also decided to reward the media for their efforts of informing the public of the work done by the cricketers and sponsors with Stabroek Sport’s Romario Samaroo winning the prize for extensive coverage of the tournament during last season.President of the GCA, Roger Harper thanked the company for its confidence in the body to sponsor the tournament once again and informed the gathering that eight players that would have participated in the competition last year have gone on to represent West Indies at various levels. He also  recognized the contributions of  Chandrapaul Hemraj and Sherfane Rutherford who are both with the Guyana Amazon Warriors and participated in the competition.Harper, speaking on behalf of the teams said that they are “anxiously” looking forward to the competition. The former West Indies player also said that the tournament provides real opportunities for the players to showcase their talent and not only benefit players in Georgetown but across the country. Meanwhile Chairman of the Competitions Committee, Shaun Massiah detailed the tournament’s structure which is expected to begin on September 29. Massiah explained the tournament will be divided into two zones and will see teams earning 10 points for a win, five batting points for scoring over 200 runs and five bowling points for taking 10 wickets. He added that there will also be a mandatory 16 overs of seam as well as the implementation of free hit for all forms of no balls. Teams will also be playing in colored clothing and the semifinal along with the final will be played under lights.Zone A will feature Sophia, Demerara Cricket Club, Transport Sports Club, GNIC, Police Sports Club, Ace Warriors and last year’s runner up, Everest.Zone B will include defending champions, Georgetown Cricket Club (GCC), Muslim Youth Organisation, Gandhi Youth Organisation, Third Class, Diplomats, Guyana Defense Force, University of Guyana and Malteenoes. GCC have won the tournament on four occasions, winning the first three editions as well as last year where they defeated Everest by 162 runs.last_img read more

Running-back committee totals 179 yards, 3 scores

first_imgE-mail: sor@desnews.com Utah’s “running back by committee” did its job in Saturday night’s victory over Northern Arizona.Four Ute running backs combined for 179 yards and three touchdowns, with senior Darryl Poston leading the way with 72 yards on 11 carries.Mike Liti added 68 yards on 10 carries, while freshman R.J. Stanford contributed 22 yards and Darrell Mack 17 yards.After getting just two carries for no yards at UCLA last week, Poston got the start and surpassed his career total in two years at USC and last year at Utah.”It felt good to support the team and contribute tonight,” Poston said. “It helped me get some confidence.”Liti broke off a 45-yard run in the second quarter, which was the team’s longest play from scrimmage as well as his career long run.”They’re very comparable,” Kyle Whittingham said of Poston and Liti. “It will be by committee until somebody’s play determines that they should.” SLOPPY START: Utah got off to a slow start Saturday because of a plethora of penalties in the first quarter.The Utes were whistled for five penalties for 55 yards compared to none for the Lumberjacks.After a late-hit penalty early in the first quarter, a 15-yard roughing-the-passer penalty on third and 13 by Kelly Talavou kept an NAU drive alive that turned into its only score of the night.The Utes also had another roughing-the-passer penalty and an offsides and illegal-procedure penalty in the first quarter. “We looked sloppy early with our penalties,” Whittingham said. “After the first quarter we cleaned it up and played like we’re capable.” INJURY REPORT: The Utes had four starters leave the game with injuries. The most serious was to cornerback Shaun Harper, who broke his wrist after making an interception in the fourth quarter. Whittingham said he may be out for six weeks. Receiver Bradon Godfrey sprained his right ankle after catching a touchdown pass in the third quarter and may miss next week’s game at Utah State. Martail Burnett left the game with a knee injury, but Whittingham called it “bump” and doesn’t expect him to miss much time. Liti also left the game with “bruised ribs,” and his status is unknown. GAME NOTES: The Utes meet Utah State in Logan on Saturday at 6 p.m. … Louie Sakoda’s 75-yard punt in the first quarter was the fifth-longest in Ute history. … Sakoda also made his only field goal try and all six PAT tries. … After going 0-for-11 last week in third-down conversions, the Utes were 8-for-12 Saturday. They were also successful on their only fourth-down try, midway through the third quarter. … Shaun Harper’s fourth-quarter interception was the first takeaway of the season for the Utes. … For the second straight game, the Utes shut down their opponent’s running game, allowing just 74 net rushing yards. … Attendance was 43,327, the 15th largest crowd ever at a Ute home game. … The game lasted just two hours and 53 minutes. U. whacks Lumberjackscenter_img Relatedlast_img read more