Advance Auto Parts has announced its CEO succession plan after Tom Greco, has decided to retire at the end of 2023, the company said.
The board of directors has formed a succession committee, comprising independent directors, to initiate the search for his successor.
Greco has been the CEO of Advance Auto Parts since 2016, and under his leadership, the company has successfully integrated a transformative acquisition and scaled its business, enhancing its operational efficiency, inventory and distribution capabilities to better serve its customers. The company has also delivered nearly $2 billion of revenue growth and more than doubled its adjusted earnings per share over the last five years.
Greco’s retirement plan is aimed at ensuring the long-term success of the company. The transition of leadership will enable his successor to play a role in developing the next chapter of Advance’s strategy. The board is committed to finding the best candidate to lead the company and ensure its continued growth.
Eugene I. Lee, Jr., Chair of the Board of Directors, expressed his gratitude towards Greco and his commitment to the company. He also emphasized that the company is better positioned to meet the challenges of today’s dynamic environment, and they are focused on ensuring that Advance Auto Parts continues to unlock its enormous potential and deliver long-term shareholder value.
“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,” said Eugene I. Lee, Jr., Chair of the Board of Directors.
The search for the next CEO will consider both internal and external candidates, and a leading executive search firm will assist in the thorough and comprehensive search process. Meanwhile, Greco will continue to execute the 2023 plan to deliver for customers and drive long-term shareholder value until his retirement at the end of the year.
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