Advance Auto Parts names new CEO, starts review as earnings shrink

On the earnings call, Greco said that “mid-single digits” wage increases had led to improved employee retention, and supply-chain improvements increased the number of parts in stock, both of which Tony Iskander, interim CFO, would “drive productivity.”

Chairman Gene Lee said that the company would take less than a year to return to profitable growth.

Adjusted earnings probably will shrink this year to $4.50 to $5.10 a share, the company said, down from its earlier forecast range of $6 to $6.50. Quarterly profit on that basis slumped to $1.43 a share, missing analysts’ average estimate for $1.63.

O’Kelly has more than three decades of experience in supply chain and operations. Before leading HD Supply, he was CEO of lubricant distributor PetroChoice. On the earnings call, Lee said O’Kelly was picked because he was a “car enthusiast” with exposure to big-box retail who showed “a real focus on customers.” 

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