Advance Auto Parts Announces Supply Chain Leadership Changes

Rhea-AI Summary

Advance Auto Parts (NYSE: AAP) has announced the retirement of Reuben E. Slone, executive vice president of supply chain, effective January 9, 2023. He will be succeeded by Stephen J. Szilagyi, who previously held senior leadership roles at MSC Industrial Supply and Lowe's. Szilagyi's experience includes driving sales growth and improving supply chain efficiency. Slone will continue in an advisory role until April 2023, ensuring a smooth transition. The leadership change aims to enhance supply chain operations and business strategy execution.

Positive

• Stephen J. Szilagyi brings extensive experience in supply chain management from MSC Industrial Supply and Lowe's.
• Leadership transition is expected to strengthen supply chain operations and boost overall business performance.

Negative

• Reuben E. Slone's retirement may create a temporary gap in leadership experience during the transition period.

RALEIGH, N.C.--(BUSINESS WIRE)-- Advance Auto Parts, Inc. (NYSE: AAP), a leading automotive aftermarket parts provider, today announced that Reuben E. Slone, executive vice president, supply chain, will retire from the company and be succeeded by Stephen J. Szilagyi. Mr. Szilagyi comes to Advance from MSC Industrial Supply, Inc., where he served as senior vice president, customer solutions from 2018 to 2021 and senior vice president, supply chain from 2017 to 2018. Prior to that, Mr. Szilagyi spent 15 years with Lowe’s Companies, Inc., in a variety of roles of increasing responsibility, including chief supply chain officer from 2013 to 2016. At both MSC and Lowe’s, Mr. Szilagyi’s leadership helped drive significant improvements in sales growth, safety, quality, service and productivity. Mr. Szilagyi will begin as Advance’s executive vice president, chief supply chain officer, and join Advance’s Leadership Team on January 9, 2023.

“We are extremely grateful for the numerous contributions Reuben has made, first as a board member of Advance from 2016 to 2018 and then as a member of Advance’s senior executive team since October 2018,” said Tom Greco, Advance’s president and chief executive officer. “With his wealth of experience and deep understanding of our business, under Reuben’s leadership, we have significantly improved our supply chain operations. Reuben also has built a much stronger team and culture within the supply chain organization, making it an optimum time to make a leadership transition.”

Greco continued, “I’m excited to welcome Steve to the Advance family following an extensive search. As a seasoned and accomplished supply chain executive with more than 25 years of experience, Steve brings a deep understanding of both retail and professional business to business supply chain operations along with a proven track record of results, innovation and leadership. I look forward to working closely with him as we raise the bar on the execution of our strategy.”

Mr. Szilagyi will report directly to Greco. Both Mr. Slone and Mr. Szilagyi will partner closely to ensure a smooth transition, while Mr. Slone works with the Advance team in an advisory role through April 2023.

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 8, 2022, Advance operated 4,747 stores and 313 Worldpac branches primarily within the United States, with additional locations in Canada, Puerto Rico and the U.S. Virgin Islands. The company also served 1,335 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/20221214005373/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 is Stephen J. Szilagyi and what is his background?

Stephen J. Szilagyi is the new executive vice president and chief supply chain officer of Advance Auto Parts, with over 25 years of experience in supply chain management, having worked at MSC Industrial Supply and Lowe's.

When will Reuben E. Slone retire from Advance Auto Parts?

Reuben E. Slone is set to retire on January 9, 2023, after which he will assist in an advisory role until April 2023.

What improvements did Reuben E. Slone bring to Advance Auto Parts?

Under Reuben E. Slone's leadership, Advance Auto Parts significantly improved its supply chain operations and built a stronger team within the organization.

What are the expected impacts of Stephen J. Szilagyi's appointment as chief supply chain officer?

Stephen J. Szilagyi's appointment is expected to enhance supply chain efficiency and execution of Advance Auto Parts' business strategy, benefiting overall performance.