LKQ Corporation Appoints Sue Gove and Michael Powell to its Board
LKQ (Nasdaq: LKQ) has announced significant board changes and governance enhancements. The company has appointed two new independent directors, Sue Gove and Michael Powell, to its Board of Directors, effective immediately. This appointment comes alongside a Cooperation Agreement with Ancora Catalyst Institutional, LP and Engine Capital, LP.
The company has also formed a new Finance Committee of the Board, which will make recommendations on capital allocation strategy and business portfolio. The committee will be chaired by Andrew Clarke and include John Mendel, Xavier Urbain, along with the new directors Gove and Powell.
Gove brings experience as Founder and President of Excelsior Advisors and has board expertise in the automotive industry through IAA and AutoZone. Powell contributes leadership experience from Progressive , where he served as Claims Process General Manager.
LKQ (Nasdaq: LKQ) ha annunciato importanti cambiamenti nel consiglio di amministrazione e miglioramenti nella governance. L'azienda ha nominato due nuovi direttori indipendenti, Sue Gove e Michael Powell, nel suo Consiglio di Amministrazione, con effetto immediato. Questa nomina avviene in concomitanza con un Accordo di Cooperazione con Ancora Catalyst Institutional, LP e Engine Capital, LP.
L'azienda ha anche formato un nuovo Comitato Finanziario del Consiglio, che fornirà raccomandazioni sulla strategia di allocazione del capitale e sul portafoglio aziendale. Il comitato sarà presieduto da Andrew Clarke e includerà John Mendel, Xavier Urbain, insieme ai nuovi direttori Gove e Powell.
Gove porta con sé esperienza come Fondatrice e Presidente di Excelsior Advisors e ha competenze nel settore automobilistico tramite IAA e AutoZone. Powell contribuisce con la sua esperienza di leadership da Progressive, dove ha ricoperto il ruolo di Direttore Generale del Processo dei Reclami.
LKQ (Nasdaq: LKQ) ha anunciado cambios significativos en su consejo de administración y mejoras en la gobernanza. La empresa ha nombrado a dos nuevos directores independientes, Sue Gove y Michael Powell, en su Junta Directiva, con efecto inmediato. Este nombramiento se produce junto con un Acuerdo de Cooperación con Ancora Catalyst Institutional, LP y Engine Capital, LP.
La empresa también ha formado un nuevo Comité de Finanzas de la Junta, que hará recomendaciones sobre la estrategia de asignación de capital y el portafolio empresarial. El comité será presidido por Andrew Clarke e incluirá a John Mendel, Xavier Urbain, junto con los nuevos directores Gove y Powell.
Gove aporta experiencia como Fundadora y Presidenta de Excelsior Advisors y tiene experiencia en la industria automotriz a través de IAA y AutoZone. Powell contribuye con su experiencia en liderazgo de Progressive, donde se desempeñó como Gerente General del Proceso de Reclamaciones.
LKQ (Nasdaq: LKQ)는 이사회에 중대한 변화와 거버넌스 개선을 발표했습니다. 이 회사는 즉시 유효한 Sue Gove와 Michael Powell 두 명의 새로운 독립 이사를 이사회에 임명했습니다. 이러한 임명은 Ancora Catalyst Institutional, LP 및 Engine Capital, LP와의 협력 계약과 함께 진행됩니다.
회사는 자본 배분 전략 및 비즈니스 포트폴리오에 대한 권고를 할 새로운 재무위원회도 구성했습니다. 이 위원회는 Andrew Clarke가 의장을 맡고 John Mendel, Xavier Urbain과 새로운 이사 Gove와 Powell이 함께 참여합니다.
Gove는 Excelsior Advisors의 설립자이자 사장으로서의 경험과 IAA 및 AutoZone을 통해 자동차 산업에서의 이사회 경험을 가지고 있습니다. Powell은 Progressive에서 클레임 프로세스 총괄 관리자로 재직하며 리더십 경험을 쌓았습니다.
LKQ (Nasdaq: LKQ) a annoncé d'importants changements au sein de son conseil d'administration et des améliorations en matière de gouvernance. L'entreprise a nommé deux nouveaux administrateurs indépendants, Sue Gove et Michael Powell, au conseil d'administration, avec effet immédiat. Cette nomination intervient parallèlement à un accord de coopération avec Ancora Catalyst Institutional, LP et Engine Capital, LP.
L'entreprise a également constitué un Comité des Finances au sein du conseil, qui fera des recommandations sur la stratégie d'allocation de capital et le portefeuille d'entreprise. Le comité sera présidé par Andrew Clarke et comprendra John Mendel, Xavier Urbain, ainsi que les nouveaux directeurs Gove et Powell.
Gove apporte son expérience en tant que fondatrice et présidente d'Excelsior Advisors et possède une expertise dans l'industrie automobile grâce à IAA et AutoZone. Powell contribue avec son expérience en leadership de Progressive, où il a exercé les fonctions de directeur général du processus de réclamations.
LKQ (Nasdaq: LKQ) hat bedeutende Änderungen im Vorstand und Verbesserungen der Unternehmensführung angekündigt. Das Unternehmen hat Sue Gove und Michael Powell als zwei neue unabhängige Direktoren in seinen Vorstand berufen, mit sofortiger Wirkung. Diese Ernennung erfolgt im Zusammenhang mit einer Zusammenarbeit mit Ancora Catalyst Institutional, LP und Engine Capital, LP.
Das Unternehmen hat auch einen neuen Finanzausschuss des Vorstands gegründet, der Empfehlungen zur Kapitalallokationsstrategie und zum Unternehmensportfolio abgeben wird. Der Ausschuss wird von Andrew Clarke geleitet und umfasst John Mendel, Xavier Urbain sowie die neuen Direktoren Gove und Powell.
Gove bringt Erfahrung als Gründerin und Präsidentin von Excelsior Advisors mit und hat Expertise im Automobilbereich durch IAA und AutoZone. Powell bringt Führungserfahrung von Progressive mit, wo er als General Manager für den Schadensprozess tätig war.
- Strategic board enhancement with two experienced automotive industry professionals
- Formation of dedicated Finance Committee to optimize capital allocation
- Constructive agreement with major shareholders Ancora and Engine Capital
- Enhanced corporate governance structure
- None.
Enters into Cooperation Agreement with Ancora and Engine Capital
Forms Finance Committee
ANTIOCH, Tenn., Feb. 06, 2025 (GLOBE NEWSWIRE) -- LKQ Corporation (Nasdaq: LKQ) (“LKQ” or the “Company”) today announced the appointment of two new independent directors, Sue Gove and Michael Powell, to its Board of Directors (the “Board”), effective immediately, and the formation of a Finance Committee of the Board. In connection with these enhancements, the Company has entered into a Cooperation Agreement (the “Agreement”) with Ancora Catalyst Institutional, LP, Engine Capital, LP and certain of their affiliates following constructive engagement.
Ms. Gove currently serves as Founder and President of Excelsior Advisors, LLC, a retail consulting and advisory firm, and is a tenured senior executive with extensive public company board expertise, including within the automotive industry at IAA, Inc. and AutoZone Inc. Mr. Powell brings leadership experience from his career at Progressive Corporation, one of the largest auto insurers in North America, where he most recently served as Claims Process General Manager.
“I am pleased to welcome Sue and Michael to our Board, who bring executive experience, as well as an understanding of the automotive industry that complements our Board,” said Guhan Subramanian, Chairman of LKQ. “LKQ is well positioned to build on the progress we have made through our focus on operational excellence and taking action to simplify, integrate and rationalize our business to drive better returns. We value the constructive engagement that we have had with Ancora and Engine toward our shared goal of generating increasing value for LKQ’s shareholders.”
Fredrick D. DiSanto, Chairman and Chief Executive Officer of Ancora, and James Chadwick, President of Ancora Alternatives LLC, added, “We appreciate the collaboration with LKQ and are confident that Sue and Michael’s corporate governance and industry experience will support the Company’s go-forward strategy and drive value for shareholders.” Arnaud Ajdler, Founder and Portfolio Manager of Engine Capital, LP, concluded, “LKQ has significant value potential and with the addition of these new directors, we are confident in the Company’s ability to execute as the leading provider of alternative and specialty parts for vehicles.”
LKQ’s newly formed Finance Committee will make recommendations to the Board on its capital allocation strategy and business portfolio. The committee will be comprised of three existing LKQ directors, Andrew Clarke, John Mendel and Xavier Urbain, as well as Ms. Gove and Mr. Powell. The committee will be chaired by Mr. Clarke.
The Agreement includes customary standstill, voting and other provisions. The Agreement will be filed on a Form 8-K with the U.S. Securities and Exchange Commission.
Goldman Sachs & Co. LLC is serving as financial advisor to LKQ and Wachtell, Lipton, Rosen & Katz is serving as legal counsel. Joele Frank, Wilkinson Brimmer Katcher is serving as strategic communications advisor to LKQ. Olshan Frome Wolosky LLP is serving as legal counsel to Ancora and Engine Capital. Longacre Square Partners is serving as strategic communications advisor to Ancora and Engine Capital.
About Sue Gove
Sue Gove has served as Founder and President of Excelsior Advisors, LLC, a retail consulting and advisory firm, since 2014. From 2019 to 2023, Ms. Gove served in several roles at Bed Bath & Beyond, including as a Board member for her full tenure, President and Chief Executive Officer from 2022 to 2023, and Interim Chief Executive Officer in 2022. Prior to that, Ms. Gove served as a Senior Advisor of Alvarez & Marsal, a global professional services firm, from 2017 to 2019. She also previously served as Chief Executive Officer of Vitamin World USA Corporation, a carve out of NBTY Inc., a retailer of vitamins and nutritional supplements, from 2015 to 2016. Prior to that, Ms. Gove served as Chief Operating Officer and Chief Financial Officer of Golfsmith International, a specialty retailer of golf equipment, apparel and accessories from 2008 to 2012, where she then served as President and Chief Executive Officer from 2012 to 2014. Prior to these roles, Ms. Gove began her career at Zale Corporation, America’s largest specialty jewelry retailer, where she served in numerous senior leadership positions through 2006, including Vice President of Operations, Senior Vice President of Strategic Planning, Treasurer, Chief Financial Officer, and Executive Vice President and Chief Operating Officer.
Ms. Gove holds a B.B.A in Accounting from the University of Texas McCombs School of Business.
About Michael S. Powell
Michael Powell is an experienced insurance professional, having most recently served as Claims Process General Manager of Progressive Corporation, one of the largest auto insurers in North America, from 2022 to 2024. Prior to that, Mr. Powell held several leadership positions during his time at Progressive Corporation, including as Central Zone Claims General Manager from 2017 to 2022, Claims Physical Damage Business Leader from 2015 to 2017, Business Leader of the Claims Training and Project Management Organization from 2012 to 2015, Claims Senior Process Director from 2003 to 2012, and General Manager in Progressive’s Iowa location from 1999 to 2001.
Mr. Powell holds a B.S. in Business Administration from Morningside University and an M.B.A. from Drake University.
About LKQ Corporation
LKQ Corporation (www.lkqcorp.com) is a leading provider of alternative and specialty parts to repair and accessorize automobiles and other vehicles. LKQ has operations in North America, Europe and Taiwan. LKQ offers its customers a broad range of OE recycled and aftermarket parts, replacement systems, components, equipment, and services to repair and accessorize automobiles, trucks, and recreational and performance vehicles.
Forward Looking Statements
Statements and information in this press release that are not historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and are made pursuant to the “safe harbor” provisions of such Act.
Forward-looking statements include, but are not limited to, statements regarding our outlook, guidance, expectations, beliefs, hopes, intentions and strategies. These statements are subject to a number of risks, uncertainties, assumptions and other factors including those identified below. All forward-looking statements are based on information available to us at the time the statements are made. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
You should not place undue reliance on our forward-looking statements. Actual events or results may differ materially from those expressed or implied in the forward-looking statements. The risks, uncertainties, assumptions and other factors that could cause actual events or results to differ from the events or results predicted or implied by our forward-looking statements include, among others, changes in our cash position or cash requirements for other purposes, fluctuations in the price of our common stock, general market conditions, and stockholder response to the repurchase program; and other factors discussed in our filings with the SEC, including those disclosed under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2023 and in our subsequent Quarterly Reports on Form 10-Q. These reports are available on our investor relations website at lkqcorp.com and on the SEC website at sec.gov.
Contact
Joseph P. Boutross
LKQ Corporation
Vice President, Investor Relations
(312) 621-2793
jpboutross@lkqcorp.com
Media:
Mahmoud Siddig / Joseph Sala
Joele Frank, Wilkinson Brimmer Katcher
(212) 355-4449
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