O’Reilly Automotive, Inc. (the “Company” or “O’Reilly”) (Nasdaq:
ORLY), a leading retailer in the automotive aftermarket industry,
today announced succession plans for its Chairman of the Board
position. Subject to their election as directors at O’Reilly’s 2021
Annual Meeting of Shareholders (the “Annual Meeting”) to be held on
May 13, 2021, and effective immediately following the Annual
Meeting, the Company’s Board of Directors (the “Board”) has
appointed Greg Henslee to the position of Executive Chairman of the
Board (“Executive Chairman”) and David O’Reilly to the position of
Executive Vice Chairman of the Board (“Executive Vice Chairman”).
Mr. O’Reilly currently serves as Executive Chairman, and Mr.
Henslee currently serves as Executive Vice Chairman.
“After serving for 15 distinguished years as
O’Reilly’s Executive Chairman and leading the Company through
incredibly profitable growth, David has communicated his desire to
transition into a different role on the Company’s Board,” stated
Jay Burchfield, Lead Independent Director of O’Reilly’s Board.
“During his tenure, David has provided invaluable guidance and
direction to both the Company’s Board and our Executive Management
Team, and we are extremely grateful for his many contributions to
our success. Our Board’s relentless focus on self-evaluation,
transparency and succession planning, for both the Board and our
Executive Management Team, ensures our Board continually evolves to
meet the needs of our shareholders. Our focus on continual
improvement has resulted in a Board that is now more gender and
ethnically diverse, has driven refreshment through the successful
nomination and shareholder approval of four new and highly
qualified Board members with a broad range of knowledge and skills
over the last three years, has compelled fresh perspectives by
rotating Board committee Chairpersons and has created enhanced
shareholder disclosures and reporting with the issuance of our
second annual Sustainability, Social and Governance Report. In
addition, our Board’s focus on succession planning ensures the
Company is prepared well in advance of critical leadership changes.
As a direct result of these ongoing efforts, we are very pleased to
announce the appointment of Greg Henslee to the position of
Executive Chairman subject to his reelection to the Board at our
Annual Meeting in May. Greg has worked in the automotive
aftermarket industry his entire career, accumulating a wealth of
knowledge and experience, and David has done an exceptional job
preparing Greg and planning for this succession. We are confident
Greg is both qualified and prepared to transition into this new
leadership role for the Board and the Company.”
Mr. Burchfield continued, “David has expressed
his strong desire to continue to remain highly involved in the
operations of the Company and to serve on the Board, and we are
very happy to announce the appointment of David to the position of
Executive Vice Chairman, subject to his reelection to the Board at
our Annual Meeting in May. In this role, David will continue to
provide the Board and the Executive Management Team with the
benefit of his knowledge and industry experience and will be a
trusted advisor to Greg as he assumes his new role. Our Board
remains committed to excellent corporate governance, diversity and
inclusion, and we will continue to adapt to meet the needs of the
Company and our shareholders in the future.”
David O’Reilly commented, “I am very grateful to
have served as O’Reilly’s Executive Chairman and am excited to
continue to be a part of our future success as Executive Vice
Chairman. I am also thrilled that Greg Henslee is well prepared and
ready to succeed me as Executive Chairman. Greg is very well
respected for his expertise throughout the automotive aftermarket
industry, has been an excellent executive for our Company for many
years and has brought valuable skills and perspective to the Board
since joining in 2017. I am confident that Greg’s knowledge and
experience make him the most qualified person to be the Executive
Chairman and help lead our Company to success going forward.”
“It is an honor to be re-nominated to serve on
O’Reilly’s Board and an even greater honor to transition into the
role of Executive Chairman, and I am excited to take on this new
challenge,” stated Greg Henslee. “David has been an amazing mentor
to me since I began working for O’Reilly, and I am very pleased
that he will continue to serve on the Company’s Board as Executive
Vice Chairman. Since our founding, O’Reilly has operated using a
committee-driven approach at every level of the Company, ensuring
we arrive at the best possible decisions by always considering
diverse opinions. Through this same process, O’Reilly has developed
an extremely well rounded and qualified Board, where each member’s
skills complement one another, and I am confident that our Board is
well positioned to build upon our Company’s history of long-term
success.”
Mr. Henslee possesses over 37 years of
experience in the automotive aftermarket industry. He began his
O’Reilly career in 1984 as a Parts Specialist in an O’Reilly store
and progressed through the roles of Assistant Store Manager,
District Manager, Computer Operations Manager, Director of Computer
Operations and Loss Prevention, Vice President of Store Operations,
Senior Vice President of Information Systems, Inventory Control,
Customer Service, Computer Operations, Pricing and Loss Prevention,
Co-President, Chief Executive Officer (“CEO”) and Co-President, and
CEO and President. Mr. Henslee held the position of CEO from 2005
to 2018. During Mr. Henslee’s tenure as the Company’s CEO, the
Company generated a cumulative shareholder return of 976%, compared
to a 101% return for Standard and Poor’s S&P 500 Index during
the same period. In 2018, after a multi-year succession process,
Mr. Henslee was appointed as Executive Vice Chairman, and his
successor, Greg Johnson, transitioned into the role of O’Reilly’s
CEO and Co-President. Mr. Henslee also holds leadership positions
on various automotive aftermarket industry organizations and
associations.
Further information concerning the Board’s
qualifications and responsibilities can be found in the Company’s
Proxy statement, which was filed with the Securities and Exchange
Commission today and can be accessed through the Company’s website
at www.OReillyAuto.com by clicking on “Investor Relations” and then
“Financials.”
About O’Reilly Automotive, Inc.O’Reilly
Automotive, Inc. was founded in 1957 by the O’Reilly family and is
one of the largest specialty retailers of automotive aftermarket
parts, tools, supplies, equipment and accessories in the United
States, serving both the do-it-yourself and professional service
provider markets. Visit the Company’s website at
www.OReillyAuto.com for additional information about O’Reilly,
including access to online shopping and current promotions, store
locations, hours and services, employment opportunities and other
programs. As of December 31, 2020, the Company operated 5,594
stores in 47 U.S. states and 22 stores in Mexico.
Forward-Looking StatementsThe
Company claims the protection of the safe-harbor for
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. You can identify these
statements by forward-looking words such as “estimate,” “may,”
“could,” “will,” “believe,” “expect,” “would,” “consider,”
“should,” “anticipate,” “project,” “plan,” “intend” or similar
words. In addition, statements contained within this press release
that are not historical facts are forward-looking statements, such
as statements discussing, among other things, expected growth,
store development, integration and expansion strategy, business
strategies, future revenues and future performance. These
forward-looking statements are based on estimates, projections,
beliefs and assumptions and are not guarantees of future events and
results. Such statements are subject to risks, uncertainties and
assumptions, including, but not limited to, the COVID-19 pandemic
or other public health crises; the economy in general; inflation;
consumer debt levels; product demand; the market for auto parts;
competition; weather; tariffs; availability of key products;
business interruptions, including terrorist activities, war and the
threat of war; failure to protect our brand and reputation;
challenges in international markets; volatility of the market price
of our common stock; our increased debt levels; credit ratings on
public debt; historical growth rate sustainability; our ability to
hire and retain qualified employees; risks associated with the
performance of acquired businesses; information security and
cyber-attacks and governmental regulations. Actual results may
materially differ from anticipated results described or implied in
these forward-looking statements. Please refer to the “Risk
Factors” section of the annual report on Form 10-K for the year
ended December 31, 2020, and subsequent Securities and Exchange
Commission filings, for additional factors that could materially
affect the Company’s financial performance. Forward-looking
statements speak only as of the date they were made, and the
Company undertakes no obligation to publicly update any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by applicable
law.
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For further information
contact: |
Investor & Media
Contacts |
|
Mark Merz (417) 829-5878 |
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Eric Bird (417) 868-4259 |
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