O’Reilly Automotive, Inc. (the “Company” or “O’Reilly”)
(
Nasdaq: ORLY), a leading retailer in the
automotive aftermarket industry, today announced the Company’s
leadership succession plan. Greg Johnson, the Company’s Chief
Executive Officer (“CEO”), has informed the Company’s Board of
Directors (the “Board”) of his intention to retire from the Company
effective January 31, 2024. The Board has selected Brad Beckham,
the Company’s Co-President, to succeed Mr. Johnson as CEO upon Mr.
Johnson’s retirement. The Board has also determined that Brent
Kirby, the Company’s Co-President, will be promoted to President
upon Mr. Johnson’s retirement.
Executive Chairman of the Board, Greg Henslee,
commented, “On behalf of the Board, I would like to express my
sincere gratitude to Greg for his 41 years of dedicated service to
O’Reilly and, most importantly, for his outstanding leadership as
CEO during a truly momentous phase of our Company’s history. Greg
has mentored and developed a strong executive leadership team who
led the Company through a period of unprecedented growth, driving
record profitability. Greg is extremely passionate about and
committed to perpetuating the O’Reilly Culture and is relentlessly
focused on driving excellent customer service in all aspects of our
business. Above all, Greg has been a champion for O’Reilly’s
promote from within philosophy and our dedication to long-term
succession planning, and he has done an exemplary job preparing
both Brad Beckham and Brent Kirby for their new roles. Brad shares
Greg’s passion for O’Reilly. He is a highly respected member of our
executive team whose considerable experience and significant
industry knowledge make him exceptionally qualified to succeed Greg
as CEO. Brent is also a proven leader and his extensive retail
supply chain and omnichannel experience is critical to successfully
driving our Company’s strategic initiatives. The Company is well
prepared for this executive leadership transition and the Board
remains highly confident in Team O’Reilly’s ability to continue to
generate long-term value for our shareholders.”
“It has been such a privilege to play a part in
O’Reilly’s incredible growth story,” stated Mr. Johnson. “Without
any doubt, our success and achievements have been driven by our
dedicated Team Members who live our Culture values each day and
consistently provide the highest level of service in our industry,
and it has truly been an honor to work with this unbelievably
talented team. During my tenure as CEO, Brad and Brent have both
been critical members of the O’Reilly leadership team and their
significant knowledge, combined with that of our entire experienced
executive management team, positions the Company well to continue
our record of 30 consecutive years of comparable store sales and
operating income growth.”
“It is such an incredible honor to be chosen as
the next CEO of our great Company. I am extremely humbled at the
tremendous privilege it is to represent our over 88,000 dedicated
and hardworking Team Members”, commented Mr. Beckham, who will
become only the fourth CEO in O’Reilly’s rich history. “When I
joined Team O’Reilly as a parts professional in 1996, we focused on
the fundamental concept of providing excellent customer service
each and every day; 27 years later that principle is alive and well
and remains the foundation for our continued success. David
O’Reilly, Greg Henslee, and Greg Johnson have been great examples
as leaders and, along with Brent and our entire leadership team, I
am absolutely committed to perpetuating our Culture, expanding our
market share, and driving profitable growth long into the
future.”
About Brad Beckham
Mr. Beckham, age 44, has been an O’Reilly Team
Member since 1996. Mr. Beckham’s O’Reilly career began as a Parts
Specialist and progressed through the roles of Store Manager,
District Manager, Regional Manager, Divisional Vice President, Vice
President of Eastern Store Operations and Sales, Senior Vice
President of Eastern Store Operations and Sales, Senior Vice
President of Central Store Operations and Sales, Executive Vice
President of Store Operations and Sales, and Executive Vice
President and Chief Operating Officer. Mr. Beckham has held the
position of Co-President since January of 2023.
About Brent Kirby
Mr. Kirby, age 55, has been an O’Reilly Team
Member since 2018. Mr. Kirby began his 35 year retail career with
Lowe’s Companies, Inc. (“Lowe’s”) as a hardware associate and
progressed through various positions at the store, district, and
regional levels before being promoted to Senior Vice President of
Store Operations and later Chief Omnichannel Officer. Prior to
joining O’Reilly, Mr. Kirby held the position of Chief Supply Chain
Officer for Lowe’s. In 2018, Mr. Kirby’s O’Reilly career began as
Senior Vice President of Omnichannel and progressed through the
roles of Executive Vice President of Supply Chain and Executive
Vice President and Chief Supply Chain Officer. Mr. Kirby has held
the position of Co-President since January of 2023.
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 June 30, 2023,
the Company operated 6,071 stores across 48 U.S. states, Puerto
Rico, and Mexico.
Forward-Looking Statements
The 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 economy in general; inflation; consumer debt
levels; product demand; a public health crisis; the market for auto
parts; competition; weather; tariffs; availability of key products
and supply chain disruptions; 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;
damage, failure or interruption of information technology systems,
including 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, 2022, 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 Relations
Contacts |
|
Mark Merz (417) 829-5878 |
|
Eric Bird (417) 868-4259 |
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Media
Contact |
|
Sonya Cox (417) 829-5709 |
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