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 www.AdvanceAutoParts.com.
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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version on businesswire.com: https://www.businesswire.com/news/home/20231114882106/en/
Investor Relations Contact: Elisabeth Eisleben T: (919)
227-5466 E: invrelations@advanceautoparts.com
Media Contact: Darryl Carr T: (984) 389-7207 E:
AAPCommunications@advance-auto.com
Advance Auto Parts (NYSE:AAP)
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