The chief executive of Advance Auto Parts is stepping down.
The automotive aftermarket parts provider announced that Tom Greco has told the company he plans to retire as president and CEO at the end of the year. Following his retirement, Greco plans to serve in an advisory capacity through a transition period.
Greco joined Advance Auto Parts as CEO in April 2016. Prior to that, from 2011 to 2016, he served as CEO of Frito-Lay. From 2009 to 2011, he was chief commercial officer of PepsiCo.
In connection with Greco’s planned retirement and the company’s succession planning process, the Advance Auto Parts board has formed a succession committee, composed of independent directors. The board intends to retain a leading executive search firm to assist in a comprehensive search that considers both internal and external candidates.
“I believe now is the right time to begin to transition leadership for two primary reasons,” Greco said. “First, we are in the final year of our three-year strategic business plan and are in the process of updating our next multi-year strategy. This transition will enable my successor to play a role in developing the next chapter of Advance’s strategy and help ensure the long-term success of Advance. Secondly, by planning for retirement in advance, I will be able to work with the board’s succession committee to identify my successor and facilitate a smooth transition.”
In a statement, Eugene I. Lee, Jr., chair of the board, said that under Greco’s leadership, Advance has transformed its talent base and culture, delivered nearly $2 billion of revenue growth and more than doubled its adjusted earnings per share over the last five years.
“Advance is now better positioned to meet the challenges of today’s dynamic environment,” he said, “and as we undertake our search for the next CEO, we are focused on ensuring that the company continues to unlock its enormous potential and deliver long-term shareholder value.”
As of December 31, 2022, Advance operated 4,770 stores and 316 Worldpac branches primarily within the United States, with additional locations in Canada, Puerto Rico and the U.S. Virgin Islands. The company also served 1,311 independently owned Carquest branded stores across these locations in addition to Mexico and various Caribbean islands.