Advance Auto Parts Announces Merchandising Leadership Changes; Names Bruce Starnes Executive Vice President, Chief Merchant

Rhea-AI Summary

Advance Auto Parts (NYSE: AAP) announced significant leadership changes within its merchandising department. Ken Bush, the current senior vice president, chief merchant, is set to retire after nearly 20 years with the company. Bruce Starnes will succeed him as executive vice president, chief merchant, effective June 24, 2024. Starnes joins Advance from Target , where he held various product management roles over nearly two decades, including senior vice president of merchandising capabilities and operations. CEO Shane O’Kelly expressed gratitude for Bush's contributions and excitement for Starnes' appointment, highlighting his extensive experience and proven track record in merchandising operations.

Positive

• Bruce Starnes appointed as the new executive vice president, chief merchant, bringing extensive experience from Target
• Ken Bush's retirement marks a significant transition after nearly 20 years of contributions to Advance Auto Parts.
• Starnes' background includes senior vice president roles at Target, emphasizing capabilities and operations in merchandising.

Negative

• The transition in leadership could lead to potential short-term disruptions in merchandising strategies.
• Ken Bush’s retirement may result in a loss of institutional knowledge and experience for Advance Auto Parts.
• Uncertainty about how the new leadership will align with or alter existing merchandising strategies.

RALEIGH, N.C.--(BUSINESS WIRE)-- 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 Ken Bush, senior vice president, chief merchant, will retire from the company after nearly 20 years and be succeeded by Bruce Starnes, who has been named executive vice president, chief merchant, effective June 24, 2024.

Mr. Starnes, 48, who will lead all aspects of merchandising strategy, joins Advance from the Target Corporation where he spent nearly 20 years in a variety of product management roles of increasing responsibility. Most recently, he served as senior vice president, merchandising capabilities and operations, where he was responsible for the strategy, capability and execution of Target’s merchandising operations, including price and promotions, in-store presentation, sales plans, negotiations, partnerships and vendor experience. Previously, he served as president of Target India and vice president, digital solutions and partnerships.

“We are very grateful for the many contributions Ken has made to our industry over the past 37 years. He has helped strengthen our merchandising operations and built a talented team within the merchandising organization, making it an optimum time to make a leadership transition. We wish him all the best in his upcoming, well-deserved retirement,” said Shane O’Kelly, Advance’s president and CEO. “I’m excited to welcome Bruce to the Advance family. As a seasoned and accomplished merchandising executive with more than 25 years of experience, Bruce brings a deep understanding of successful merchandising operations and vendor partnerships as well as a proven track record of results at one of the world’s leading retail organizations. I look forward to working closely with him to take our merchandising operations to the next level.”

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 April 20, 2024, Advance operated 4,777 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 1,152 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, including cost reduction initiatives, the company's ability to complete the potential divestitures of Worldpac and Carquest Canada, operational plans and objectives, expectations for economic conditions, 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, the company’s ability to complete the potential divestitures of Worldpac and Carquest Canada, the company’s ability to hire, train and retain qualified employees, the timing and implementation of strategic initiatives, deterioration of general macroeconomic conditions, geopolitical conflicts, the highly competitive nature of the industry, demand for the company’s products and services, access to financing on favorable terms, complexities in the company’s inventory and supply chain and challenges with transforming and growing its business. Please refer to “Item 1A. Risk Factors” of the company’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”), as updated by the company’s 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240529266308/en/

Investor Relations Contact:

Elisabeth Eisleben

T: (919) 227-5466

E: invrelations@advanceautoparts.com

Media Contact:

Darryl Carr

T: (984) 389-7207

E: darryl.carr@advance-auto.com

Source: Advance Auto Parts, Inc.

FAQ

Who is the new executive vice president, chief merchant at Advance Auto Parts effective June 24, 2024?

Bruce Starnes has been named the new executive vice president, chief merchant at Advance Auto Parts, effective June 24, 2024.

What role did Bruce Starnes hold at Target before joining Advance Auto Parts?

Before joining Advance Auto Parts, Bruce Starnes was the senior vice president of merchandising capabilities and operations at Target

When is Ken Bush retiring from Advance Auto Parts?

Ken Bush is retiring from Advance Auto Parts after nearly 20 years of service.

What experience does Bruce Starnes bring to Advance Auto Parts?

Bruce Starnes brings over 25 years of experience in merchandising operations and vendor partnerships from his tenure at Target