Genuine Parts Company Announces Changes to the Board and Declares Regular Quarterly Dividend

Rhea-AI Summary

Genuine Parts Company (NYSE: GPC) announced changes to the board, with Mr. Charles Stevens joining and Mr. Jenner Wood retiring. The company declared a regular quarterly dividend of $1.00 per share.

Positive

• Mr. Charles Stevens, with vast automotive industry experience, joins GPC's Board of Directors.

• The appointment of Mr. Stevens brings valuable financial and accounting expertise to the company.

• The retirement of Mr. Jenner Wood after nearly 10 years of service reflects a change in leadership to enhance GPC's board.

• The declaration of a regular quarterly dividend of $1.00 per share signifies the company's commitment to rewarding shareholders.

Negative

• The retirement of a long-serving director like Mr. Jenner Wood may lead to a loss of institutional knowledge and experience on the board.

ATLANTA, April 30, 2024 /PRNewswire/ -- Genuine Parts Company (NYSE: GPC), a leading global distributor of automotive and industrial replacement parts, announced that its shareholders elected Mr. Charles "Chuck" K. Stevens as a new director of the company. Additionally, Mr. E. Jenner Wood has retired as a director.

Mr. Stevens held the position of executive vice president and chief financial officer of General Motors Company from 2014 to 2018. Prior to that role, he held a variety of leadership positions within General Motors Company's finance team.

"We want to extend our sincere gratitude to Jenner for his nearly 10 years of service on our board. We thank him for his leadership and many contributions to GPC," said Paul Donahue, Chairman and CEO. "As Jenner retires, we would also like to welcome Chuck to our Board of Directors. His extensive experience in the automotive industry, along with his financial and accounting expertise, make him a valuable addition to our board. We look forward to his future contributions to GPC."

In addition, GPC's Board of Directors declared a regular quarterly cash dividend of one dollar ($1.00) per share on the company's common stock. The dividend is payable July 1, 2024 to shareholders of record June 7, 2024.

About Genuine Parts Company
Established in 1928, Genuine Parts Company is a leading global service organization specializing in the distribution of automotive and industrial replacement parts. Our Automotive Parts Group operates across the U.S., Canada, Mexico, Australasia, France, the U.K., Ireland, Germany, Poland, the Netherlands, Belgium, Spain and Portugal, while our Industrial Parts Group serves customers in the U.S., Canada, Mexico and Australasia. We keep the world moving with a vast network of over 10,700 locations spanning 17 countries supported by more than 60,000 teammates. Learn more at genpt.com.

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SOURCE Genuine Parts Company

FAQ

Who is the new director joining Genuine Parts Company's board?

Mr. Charles Stevens is the new director joining Genuine Parts Company's board.

Who retired as a director from Genuine Parts Company?

Mr. Jenner Wood retired as a director from Genuine Parts Company.

What is the declared regular quarterly cash dividend per share by Genuine Parts Company?

Genuine Parts Company declared a regular quarterly cash dividend of $1.00 per share.

When will the dividend be payable to Genuine Parts Company shareholders?

The dividend declared by Genuine Parts Company will be payable on July 1, 2024, to shareholders of record on June 7, 2024.