Advance Auto Parts forms Succession Committee and will retain an executive search firm to evaluate internal and external candidates
Raleigh, N.C.—Advance Auto Parts, Inc. has announced that Tom Greco has informed the company of his plan to retire as president and CEO of the company at the end of the year. Following Greco’s retirement, he plans to serve in an advisory capacity through a transition period.
In connection with Greco’s planned retirement and the company’s succession planning process, the Advance Auto Parts Board has formed a Succession Committee, composed of independent directors. The board intends to retain an executive search firm to assist in a thorough and comprehensive search that considers both internal and external candidates.
“It has been a privilege to lead Advance and I am extremely proud of the talented team we have built as well as the accomplishments we have delivered together,” Greco said. “Since my appointment as CEO, we have successfully integrated a transformative acquisition while scaling the business and enhancing our operational efficiency, inventory and distribution capabilities to better serve our customers.”
He added, “I believe now is the right time to begin to transition leadership for two primary reasons. First, we are in the final year of our three-year strategic business plan and are in the process of updating our next multi-year strategy. This transition will enable my successor to play a role in developing the next chapter of Advance’s strategy and help ensure the long-term success of Advance. Secondly, by planning for retirement in advance, I will be able to work with the board’s Succession Committee to identify my successor and facilitate a smooth transition. In the meantime, I’m committed to the execution of our 2023 plan to continue delivering for customers and driving long-term shareholder value.”
Eugene I. Lee, Jr., chair of the board of directors, said “On behalf of the Board, we thank Tom for his service and ongoing commitment to Advance. Tom has constructed a strong foundation that will enable success in Advance’s next chapters. Under his leadership, Advance has transformed its talent base and culture, delivered nearly $2 billion of revenue growth and more than doubled its adjusted earnings per share over the last five years. Advance is now better positioned to meet the challenges of today’s dynamic environment and as we undertake our search for the next CEO, we are focused on ensuring that the company continues to unlock its enormous potential and deliver long-term shareholder value.”