Here’s the press release from Advance Auto Parts: ROANOKE, Va. – April 4, 2016 – Advance Auto Parts, Inc. (NYSE: AAP), a leading automotive aftermarket parts provider in North America serving both professional installers and do-it-yourself customers, today announced that the Company has named Thomas (Tom) Greco as CEO and a Director, effective April 11, 2016. Mr. Greco will succeed George Sherman, who has served as interim CEO since January, 2016. Mr. Sherman continues as President of Advance Auto Parts, a position he has held since April, 2013.
Mr. Greco, 57, joins Advance Auto Parts following a successful 30-year career at PepsiCo, Inc. Most recently, he served as CEO of Frito-Lay North America, where he was responsible for PepsiCo’s $14.8 billion snack and convenient foods business in the U.S. and Canada. During his tenure, Mr. Greco led PepsiCo’s most profitable operating segment in consistently driving sales and improved operating profits. He brings deep experience in leading a sales-driven organization with over 55,000 employees as well as significant expertise in managing a complex operational infrastructure, transforming the supply chain, and retooling go-to-market systems to better meet the needs of both large and smaller customers.
Jack Brouillard, Executive Chairman, said, “After a thorough search, we are pleased to have found an exceptional leader and operator with a proven track record of designing and executing winning strategies, driving profitable growth, and building an exceptional talent base. The Board is confident that Advance will benefit from Tom’s commercial expertise and energetic, solutions-oriented approach to leading complex, customer-focused operations in a competitive environment. The Board looks forward to working closely with Tom and the rest of our talented executives as we build value for our shareholders, customers, and team members.”
Mr. Brouillard continued, “I would also like to thank George Sherman for his contributions as interim CEO. Under George’s leadership, the Company has continued to take actions to drive improved profitability and we look forward to continuing to benefit from George’s valuable experience as an ongoing member of the leadership team.” Mr. Greco said, “Advance Auto Parts is a clear industry leader with an unparalleled footprint and a growing number of customers who depend on our high-quality products and talented team members. I am humbled and honored to be CEO and join the Board of Advance. I could not be more excited to work with my colleagues throughout Advance to build on our strong foundation and accelerate profitable growth. This is a terrific industry and, together, we will begin a disciplined march to reach our full potential.” Mr. Sherman said, “Advance has made considerable progress on a number of important objectives as we work to deliver improved and more consistent performance. I want to welcome Tom to our team and look forward to working with him to take advantage of our tremendous opportunity.”