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Advance Auto Parts Inc (NYSE:AAP) has appointed A. Brent Windom, Gregory L. Smith and Thomas W. Seboldt as independent directors to its board, effective immediately.
In connection with these appointments, the company has entered into a cooperation agreement with Third Point LLC and Saddle Point Management, L.P.
With shares down approximately 40% in the past year, Advance Auto Parts aims to revitalize its performance against competitors AutoZone Inc (NYSE:AZO) and O’Reilly Automotive Inc (NASDAQ:ORLY).
After appointing Shane O’Kelly as CEO in September, the company initiated sale processes for Worldpac and its Canadian business in November, seeking strategic realignment, reported the Wall Street Journal.
Activist hedge fund Third Point’s initiative targets bolstering the board with industry expertise, aligning with support for CEO O’Kelly. It collaborates with Saddle Point Management, led by Roy Katzovicz, the report added.
With the new appointments, the company’s board will temporarily expand to 12 directors. At the 2024 annual meeting scheduled for May 22, 2024, 11 director nominees are expected to stand for election to the Advance Auto Parts board, including the three newly appointed directors.
As of December 30, 2023, Advance operated 4,786 stores and 321 Worldpac branches, primarily within the U.S., with additional locations in Canada, Puerto Rico, and the U.S. Virgin Islands.
Price Action: AAP shares closed higher by 3.68% at $75.77 on Monday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Wikimedia Commons
