Advance Auto Parts Announces Leadership Change.ROANOKE, Va. -- Advance Auto Parts Founded in 1932, Advance Auto Parts (NYSE: AAP), headquartered in Roanoke, Virginia, is the second-largest retailer of automotive replacement parts and accessories in the United States. AAP had 2005 sales of approx. $4. , Inc. (NYSE NYSE See: New York Stock Exchange : AAP AAP - Association of American Publishers ), a leading retailer of automotive aftermarket Aftermarket See: Secondary market. aftermarket See secondary market. parts, batteries, accessories and maintenance items, today announced that Michael N. Coppola, Chairman, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. has resigned, effective immediately, to pursue other business opportunities. The Company is commencing a national search for a new CEO. "We would like to thank Mike for his many accomplishments during his six plus year tenure at Advance," said John C. Brouillard, the Company's Lead Director. "As principal architect of our 2010 Marketing Plan, Mike has been instrumental in establishing Advance Auto Parts as a customer-focused leader in the automotive aftermarket. We wish him well in his future endeavors." The Board of Directors appointed Mr. Brouillard as interim Chairman, President and CEO. Mr. Brouillard has been a Board member with Advance since 2004. In connection with his appointment as interim CEO, Mr. Brouillard will relinquish his roles as Lead Director and as a member of the Board's Audit and Compensation Committees. He retired in 2005 as Chief Administrative and Financial Officer of H.E. Butt Grocery Company, one of the leading retailers in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Mr. Brouillard also serves on the Board of Directors for Eddie Bauer Eddie Bauer (NASDAQ: EBHI) is a clothing store chain. Headquartered in Bellevue, Washington, and a subsidiary of Eddie Bauer Holdings (formerly Spiegel, Inc.), the company was founded in Seattle in 1920 as "Eddie Bauer's Sport Shop" by its namesake, Eddie Bauer (1899 – Holdings, Inc. "Our recent comprehensive business review convinces us that we have many opportunities to continue our growth and improve our performance," Brouillard said. "Advance has a number of very experienced executives who know the auto parts Auto parts are components of automobiles. They mainly are, in alphabetic order (only car specific articles or articles with car section):
"I look forward to working directly with the investment community, beginning with our first quarter earnings conference call on Thursday, May 17, 2007," Brouillard concluded. Guidance Update The Company is reaffirming its guidance for first quarter 2007 for comparable-store sales in the low single digit range and earnings per diluted share in the range of $0.68 to $0.72.. About Advance Auto Parts Headquartered in Roanoke, Va., Advance Auto Parts is the second-largest retailer of automotive aftermarket parts, accessories, batteries, and maintenance items in the United States, based on store count and sales. As of December 30, 2006, the Company operated 3,082 stores in 40 states, Puerto Rico Puerto Rico (pwār`tō rē`kō), island (2005 est. pop. 3,917,000), 3,508 sq mi (9,086 sq km), West Indies, c.1,000 mi (1,610 km) SE of Miami, Fla. , and the Virgin Islands. The Company serves both the do-it-yourself and professional installer markets. Certain statements contained in this release are forward-looking statements, as that statement is used in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Forward-looking statements address future events or developments, and typically use words such as believe, anticipate, expect, intend, plan, forecast, outlook or estimate. These forward-looking statements are subject to risks, uncertainties and assumptions including, but not limited to, competitive pressures, demand for the Company's products, the market for auto parts, the economy in general, inflation, consumer debt levels, the weather, acts of terrorism, availability of suitable real estate, dependence on foreign suppliers and other factors disclosed in the Company's 10-K for the fiscal year ended December 30, 2006, on file with the Securities and Exchange Commission. Actual results may differ materially from anticipated results described in these forward-looking statements. The Company intends these forward-looking statements to speak only as of the time of this news release and does not undertake to update or revise them, as more information becomes available. |
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