RALEIGH, N.C. - Advance Auto Parts , Inc. (NYSE: NYSE:AAP) announced a significant change in its executive team with the upcoming retirement of its long-serving senior vice president and chief merchant, Ken Bush. After nearly two decades with the company, Bush will be succeeded by Bruce Starnes, who will assume the role of executive Vice President and Chief Merchant, effective June 24, 2024.
Starnes, 48, comes to Advance Auto Parts with an impressive resume from Target Corporation (NYSE:TGT), where he spent nearly 20 years in various product management capacities. His most recent position at Target was as senior vice president of merchandising capabilities and operations. Starnes' expertise includes overseeing merchandising operations such as pricing, promotions, in-store presentation, and vendor partnerships.
Shane O'Kelly, president and CEO of Advance Auto Parts, expressed gratitude for Bush's contributions to the company and the industry over 37 years. He also welcomed Starnes, noting his extensive experience and a track record of results from one of the world's leading retail organizations.
Advance Auto Parts, a prominent provider of automotive aftermarket parts in North America, operates 4,777 stores and 320 Worldpac branches in the United States, Canada, Puerto Rico, and the U.S. Virgin Islands as of April 20, 2024. The company also supports 1,152 independently owned Carquest branded stores in these locations as well as Mexico and various Caribbean islands.
This announcement is based on a press release statement from Advance Auto Parts, Inc.
InvestingPro Insights
Advance Auto Parts, Inc. (NYSE: AAP) is navigating a transformative period with the retirement of a key executive and the introduction of Bruce Starnes to its leadership team. As the company prepares for this transition, it's important for investors to consider the robust financial metrics and expert analysis provided by InvestingPro.
InvestingPro Data highlights that Advance Auto Parts has a substantial market capitalization of $4.18 billion, signaling a significant presence in the automotive aftermarket sector. Despite a modest revenue growth of 1.19% in the last twelve months as of Q4 2023, the company's gross profit margin remains strong at 40.07%. This indicates a solid ability to convert sales into profit, which is critical during leadership transitions.
An InvestingPro Tip points out that the company has been consistently profitable over the last twelve months, which is reassuring to stakeholders during times of executive change. Moreover, the stock has seen a considerable price increase of 37.06% over the last six months, suggesting investor confidence in its long-term strategy and market position.
Furthermore, with a dividend yield of 1.42% as of mid-April 2024, Advance Auto Parts continues to reward shareholders. This is supported by the company's impressive track record of maintaining dividend payments for 19 consecutive years, a testament to its financial stability and commitment to returning value to its investors.
For those looking to delve deeper into the financial prospects of Advance Auto Parts, InvestingPro offers additional insights and tips. There are currently 7 more InvestingPro Tips available for Advance Auto, which can be accessed at https://www.investing.com/pro/AAP. These tips provide valuable perspectives for investors considering the company's future in the dynamic retail automotive industry.
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