Advance Auto Parts Appoints Michael Beland as Chief Accounting Officer

Rhea-AI Summary

Advance Auto Parts (NYSE: AAP) has appointed Michael Beland as senior vice president, controller and chief accounting officer, effective January 5, 2025. Beland, 53, brings over 25 years of accounting and finance experience and will oversee enterprise-wide accounting operations, tax, external financial reporting, and compliance. He previously served as chief accounting officer at Driven Brands Holdings and held positions at Wolfspeed, PPD, OrthoSynetics, and major accounting firms. Beland holds a B.S.B.A. and master's degree in accounting, and is a Certified Public Accountant and Chartered Global Management Accountant.

Positive

• Appointment of experienced executive with 25+ years in accounting and finance
• New CAO brings relevant automotive industry experience from Driven Brands Holdings
• Strong educational background and professional certifications (CPA, CGMA)

Negative

• None.

RALEIGH, N.C.--(BUSINESS WIRE)-- Advance Auto Parts, Inc. (NYSE: AAP), a leading automotive aftermarket parts provider in North America that serves both professional installers and do-it-yourself customers, today announced that it has appointed Michael Beland as senior vice president, controller and chief accounting officer, effective January 5, 2025. In this role, Mr. Beland will be responsible for enterprise-wide accounting operations, tax, external financial reporting, and all related compliance.

“I am excited to welcome Michael to the Advance family as our new chief accounting officer,” said Ryan Grimsland, executive vice president and chief financial officer. “Michael’s strong expertise in accounting and financial management, paired with his familiarity of our industry, will strengthen our finance organization. I look forward to working with him closely as we execute our strategic plan to elevate the performance of the Advance blended-box business.”

Mr. Beland, 53, brings more than 25 years of accounting and finance experience to Advance. Most recently, he served as senior vice president and chief accounting officer at Driven Brands Holdings, Inc., a public franchise provider of consumer and commercial automotive services. Prior to Driven Brands, he served as the assistant corporate controller at Wolfspeed, Inc. (formerly Cree, Inc.), a public manufacturer of silicon carbide materials and devices for power applications, as well as the executive director, assistant corporate controller of PPD, LLC, a leading global contract research organization. Beland also held the role of vice president, corporate controller & compliance officer of OrthoSynetics, Inc.

Earlier in his career, Mr. Beland assumed manager roles at leading independent auditors including Arthur Anderson, Grant Thornton, and PricewaterhouseCoopers, as well as director of accounting research and policy at The Shaw Group Inc.

Mr. Beland holds a B.S.B.A. and a master’s degree in accounting and is a Certified Public Accountant and Chartered Global Management Accountant.

About Advance Auto Parts

Advance Auto Parts, Inc. is a leading automotive aftermarket parts provider that serves both professional installers and do-it-yourself customers. As of October 5, 2024, Advance operated 4,781 stores primarily within the United States, with additional locations in Canada, Puerto Rico, and the U.S. Virgin Islands. The company also served 1,125 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, 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 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/20241219801273/en/

Investor Relations Contact:

Lavesh Hemnani

T: (919) 227-5466

E: invrelations@advance-auto.com

Media Contact:

Nicole Ducouer

T: (984)-389-7207

E: AAPCommunications@advance-auto.com

Source: Advance Auto Parts, Inc.

FAQ

When will Michael Beland start as CAO at Advance Auto Parts (AAP)?

Michael Beland will start as senior vice president, controller and chief accounting officer at Advance Auto Parts on January 5, 2025.

What are Michael Beland's responsibilities as the new CAO at AAP?

At Advance Auto Parts, Beland will be responsible for enterprise-wide accounting operations, tax, external financial reporting, and all related compliance.

What was Michael Beland's previous position before joining AAP?

Before joining Advance Auto Parts, Beland served as senior vice president and chief accounting officer at Driven Brands Holdings, Inc.

What are Michael Beland's qualifications for the CAO position at AAP?

Beland has over 25 years of accounting and finance experience, holds a B.S.B.A. and master's degree in accounting, and is both a Certified Public Accountant and Chartered Global Management Accountant.