Advance Auto Parts Announces Merchandising Leadership Changes; Names Bruce Starnes Executive Vice President, Chief Merchant
29 May 2024 - 8:48PM
Business Wire
Advance Auto Parts, Inc. (NYSE: AAP), a leading automotive
aftermarket parts provider in North America that serves both
professional installer and do-it-yourself customers, today
announced that Ken Bush, senior vice president, chief merchant,
will retire from the company after nearly 20 years and be succeeded
by Bruce Starnes, who has been named executive vice president,
chief merchant, effective June 24, 2024.
Mr. Starnes, 48, who will lead all aspects of merchandising
strategy, joins Advance from the Target Corporation where he spent
nearly 20 years in a variety of product management roles of
increasing responsibility. Most recently, he served as senior vice
president, merchandising capabilities and operations, where he was
responsible for the strategy, capability and execution of Target’s
merchandising operations, including price and promotions, in-store
presentation, sales plans, negotiations, partnerships and vendor
experience. Previously, he served as president of Target India and
vice president, digital solutions and partnerships.
“We are very grateful for the many contributions Ken has made to
our industry over the past 37 years. He has helped strengthen our
merchandising operations and built a talented team within the
merchandising organization, making it an optimum time to make a
leadership transition. We wish him all the best in his upcoming,
well-deserved retirement,” said Shane O’Kelly, Advance’s president
and CEO. “I’m excited to welcome Bruce to the Advance family. As a
seasoned and accomplished merchandising executive with more than 25
years of experience, Bruce brings a deep understanding of
successful merchandising operations and vendor partnerships as well
as a proven track record of results at one of the world’s leading
retail organizations. I look forward to working closely with him to
take our merchandising operations to the next level.”
About Advance Auto Parts
Advance Auto Parts, Inc. is a leading automotive aftermarket
parts provider that serves both professional installer and
do-it-yourself customers. As of April 20, 2024, Advance operated
4,777 stores and 320 Worldpac branches primarily within the United
States, with additional locations in Canada, Puerto Rico and the
U.S. Virgin Islands. The company also served 1,152 independently
owned Carquest branded stores across these locations in addition to
Mexico and various Caribbean islands. Additional information about
Advance, including employment opportunities, customer services, and
online shopping for parts, accessories and other offerings can be
found at www.AdvanceAutoParts.com.
Forward-Looking Statements
Certain statements herein are “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act
of 1995. Forward-looking statements are usually identifiable by
words such as “anticipate,” “believe,” “could,” “estimate,”
“expect,” “forecast, “guidance,” “intend,” “likely,” “may,” “plan,”
“position,” “possible,” “potential,” “probable,” “project,”
“should,” “strategy,” “will,” or similar language. All statements
other than statements of historical fact are forward-looking
statements, including, but not limited to, statements about the
company’s strategic initiatives, including cost reduction
initiatives, the company's ability to complete the potential
divestitures of Worldpac and Carquest Canada, operational plans and
objectives, expectations for economic conditions, future business
and financial performance, as well as statements regarding
underlying assumptions related thereto. Forward-looking statements
reflect the company’s views based on historical results, current
information and assumptions related to future developments. Except
as may be required by law, the company undertakes no obligation to
update any forward-looking statements made herein. Forward-looking
statements are subject to a number of risks and uncertainties that
could cause actual results to differ materially from those
projected or implied by the forward-looking statements. They
include, among others, the company’s ability to complete the
potential divestitures of Worldpac and Carquest Canada, the
company’s ability to hire, train and retain qualified employees,
the timing and implementation of strategic initiatives,
deterioration of general macroeconomic conditions, geopolitical
conflicts, the highly competitive nature of the industry, demand
for the company’s products and services, access to financing on
favorable terms, complexities in the company’s inventory and supply
chain and challenges with transforming and growing its business.
Please refer to “Item 1A. Risk Factors” of the company’s most
recent Annual Report on Form 10-K filed with the Securities and
Exchange Commission (“SEC”), as updated by the company’s subsequent
filings with the SEC, for a description of these and other risks
and uncertainties that could cause actual results to differ
materially from those projected or implied by the forward-looking
statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20240529266308/en/
Investor Relations Contact: Elisabeth Eisleben T: (919)
227-5466 E: invrelations@advanceautoparts.com
Media Contact: Darryl Carr T: (984) 389-7207 E:
darryl.carr@advance-auto.com
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