Advance Auto Parts Announces Leadership Changes

Rhea-AI Summary

Advance Auto Parts (NYSE: AAP) has announced the departure of Michael C. Creedon, Jr., effective September 30, 2022. He will be succeeded by Herman L. Word, Jr., previously Division President of Carquest North America. Word has been with the company since 2003 and has accelerated the performance of Carquest Independents, adding over 100 locations in three years. The leadership change comes as the company aims to strengthen its operational capabilities and improve store performance.

Positive

• Herman L. Word, Jr.'s promotion suggests continuity and strong leadership with a focus on operational efficiency.
• Under Word's leadership, Carquest Independents has seen increased sales and expansion of over 100 new locations in three years.

Negative

• Departure of Michael C. Creedon, Jr. may raise concerns about leadership continuity and experience gaps in the executive team.

RALEIGH, N.C.--(BUSINESS WIRE)-- Advance Auto Parts, Inc. (NYSE: AAP), a leading automotive aftermarket parts provider, today announced the departure of Michael C. Creedon, Jr., executive vice president, U.S. stores effective September 30, 2022. Mr. Creedon will be succeeded by Herman L. Word, Jr. (“Junior”) who has been promoted to executive vice president, U.S. stores and Carquest Independents. Mr. Word joined Advance in February 2003 and has served in his current role as Division President, Carquest North America, leading our Carquest Independents since June 2019.

“We are extremely grateful for the numerous contributions Mike has made in his nine years with Advance,” said Tom Greco, Advance’s president and chief executive officer. “Under Mike’s leadership, we have significantly improved overall store operations and built a much stronger field team and culture. We thank him for his service and wish Mike and his family nothing but continued success as he begins his next chapter as a chief operating officer.”

Greco continued, “Over the past several years, we’ve been highly focused on building a deep bench of talented leaders at Advance and I am delighted to announce Junior’s well-deserved promotion. Since joining Advance nearly 20 years ago, Junior has distinguished himself as an outstanding operator and developer of talent. He has performed all of the key jobs within Advance’s store operations and has consistently led our performance in numerous field assignments over many years. Most recently, he has significantly accelerated the performance of our Carquest Independents by increasing sales and adding over one hundred new locations in the past three years. Under Junior’s leadership of our more than 6,000 corporate and independently owned stores, we are well positioned to further execute our strategic objectives.”

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 July 16, 2022 Advance operated 4,724 stores and 312 Worldpac branches primarily within the United States, with additional locations in Canada, Puerto Rico and the U.S. Virgin Islands. The company also served 1,329 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 the company's strategic initiatives, operational plans and objectives, expectations for economic conditions and recovery and future business and financial performance, as well as statements regarding underlying assumptions related thereto. Forward-looking statements reflect the company's views based on historical results, current information and assumptions related to future developments. Except as may be required by law, the company undertakes 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 timing and implementation of strategic initiatives, including with respect to labor shortages or disruptions and the impact on our ability to complete store openings, deterioration of general macroeconomic conditions, the highly competitive nature of the company's industry, demand for the company's products and services, complexities in its inventory and supply chain, challenges with transforming and growing its business and factors related to the current global COVID-19 pandemic. Please refer to "Item 1A. Risk Factors." of the company's most recent Annual Report on Form 10-K, as updated by other filings made by the company with the Securities and Exchange Commission, 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220926005250/en/

Investor Relations:

Elisabeth Eisleben

T: (919) 227-5466

E: invrelations@advanceautoparts.com

Media:

Darryl Carr

T: (984) 389-7207

E: darryl.carr@advance-auto.com

Source: Advance Auto Parts, Inc.

FAQ

Who has replaced Michael C. Creedon, Jr. at Advance Auto Parts?

Herman L. Word, Jr. has been promoted to executive vice president, U.S. stores and Carquest Independents.

What has been the impact of Herman L. Word, Jr.'s leadership on Advance Auto Parts?

Under Word's leadership, Carquest Independents has accelerated performance by increasing sales and adding over 100 new locations.

When did Michael C. Creedon, Jr. leave Advance Auto Parts?

Michael C. Creedon, Jr. left Advance Auto Parts effective September 30, 2022.