Announces Results of Annual Meeting of Stockholders
ROANOKE, Va, 2016-May-23 — /EPR Retail News/ — Advance Auto Parts, Inc. (NYSE: AAP), a leading automotive aftermarket parts provider in North America, serving both professional installer and do-it-yourself customers, today announced that current independent director, Jeffrey C. Smith, has been appointed Chair of the Company’s Board of Directors, effective immediately. Mr. Smith succeeds Executive Chair John C. (“Jack”) Brouillard, who will continue to serve as a director on the Advance Auto Parts Board. In addition, John F. Ferraro is no longer Lead Independent Director but will continue to serve as a director and has been appointed Chair of the Nominating and Corporate Governance Committee.
Mr. Smith stated, “I am honored to serve Advance Auto Parts as its Board Chair. Since joining the Board in November, Advance has taken important steps to generate shareholder value, including implementing a more field-centric organization and appointing a new Chief Executive Officer. I look forward to continuing to work with the Board and management team to help realize the exceptional future potential for the Company. I would also like to thank Jack and John for their leadership and continued contributions to the Board.”
Jeffrey Smith is Managing Member, Chief Executive Officer and Chief Investment Officer of Starboard Value LP. Mr. Smith joined the Advance Auto Parts Board on November 12, 2015. Mr. Smith is also currently on the Board of Yahoo! Inc. He was formerly Chairman of the Boards of Darden Restaurants, Inc. and Phoenix Technologies Ltd. and formerly on the Boards of Quantum Corporation, Office Depot, Regis Corporation, Surmodics Inc., Zoran Corporation, Actel Corporation,Kensey Nash Corp., S1 Corp and the Fresh Juice Company.
The Company also announced that stockholders voted earlier today at its Annual Meeting of Stockholders to elect the 11 nominees named in the Company’s 2016 Proxy Statement to its Board of Directors: John F. Bergstrom, John C. Brouillard,Brad W. Buss, Fiona P. Dias, John F. Ferraro, Thomas R. Greco, Adriana Karaboutis, Eugene I. Lee, Jr., William S. Oglesby,Reuben E. Slone and Jeffrey C. Smith.
In other actions, the Company’s stockholders voted to approve the compensation of the Company’s named executive officers. The stockholders also ratified the appointment by the Company’s Audit Committee of Deloitte & Touche LLP as its independent registered public accounting firm for 2016 and approved a proposal to amend the Company’s certificate of incorporation to eliminate the one-year holding period for stockholders who have owned at least 25 percent of the Company’s outstanding shares of common stock to call a special meeting. In addition, a majority of the shares voted were cast against an advisory proposal regarding the ability of stockholders to act by written consent.
About Advance Auto Parts
Advance Auto Parts, Inc., a leading automotive aftermarket parts provider in North America, serves both professional installer and do-it-yourself customers. As of January 2, 2016, Advance operated 5,171 stores and 122 Worldpac branches and served approximately 1,300 independently owned Carquest branded stores in the United States, Puerto Rico, the U.S. Virgin Islands and Canada. Advance employs approximately 73,000 Team Members. Additional information about the Company, employment opportunities, customer services, and on-line shopping for parts, accessories and other offerings can be found on the Company’s website at AdvanceAutoParts.com.
Source: Advance Auto Parts, Inc.