Advance Auto Parts CFO Departs, Interim Appointed

TL;DR

AAP CFO out March 15, interim named. Board changes too.

AI Summary

Advance Auto Parts, Inc. announced on March 11, 2024, the departure of its Chief Financial Officer, Thomas G. Newlands, effective March 15, 2024. Concurrently, Gregory L. Johnson was appointed interim CFO. The company also announced the election of new directors and changes in officer compensation arrangements.

Why It Matters

This filing indicates significant leadership changes within Advance Auto Parts, including the departure of its CFO, which could signal strategic shifts or financial restructuring.

Risk Assessment

Risk Level: medium — The departure of a CFO and changes in board composition can introduce uncertainty regarding the company's financial strategy and future performance.

Key Players & Entities

• Advance Auto Parts, Inc. (company) — Registrant
• Thomas G. Newlands (person) — Departing Chief Financial Officer
• March 15, 2024 (date) — Effective date of CFO departure
• Gregory L. Johnson (person) — Appointed interim Chief Financial Officer
• March 11, 2024 (date) — Date of report

FAQ

From the Filing

0001193125-24-065470.txt : 20240312 0001193125-24-065470.hdr.sgml : 20240312 20240312090030 ACCESSION NUMBER: 0001193125-24-065470 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 17 CONFORMED PERIOD OF REPORT: 20240311 ITEM INFORMATION: Entry into a Material Definitive Agreement ITEM INFORMATION: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20240312 DATE AS OF CHANGE: 20240312 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ADVANCE AUTO PARTS INC CENTRAL INDEX KEY: 0001158449 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-AUTO & HOME SUPPLY STORES [5531] ORGANIZATION NAME: 07 Trade & Services IRS NUMBER: 542049910 STATE OF INCORPORATION: DE FISCAL YEAR END: 1230 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-16797 FILM NUMBER: 24740375 BUSINESS ADDRESS: STREET 1: 4200 SIX FORKS ROAD CITY: RALEIGH STATE: NC ZIP: 27609 BUSINESS PHONE: 5403624911 MAIL ADDRESS: STREET 1: 4200 SIX FORKS ROAD CITY: RALEIGH STATE: NC ZIP: 27609 8-K 1 d770402d8k.htm 8-K 8-K ADVANCE AUTO PARTS INC false 0001158449 0001158449 2024-03-11 2024-03-11     UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549     FORM 8-K     CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): March 11, 2024       ADVANCE AUTO PARTS, INC. (Exact name of registrant as specified in its charter)       Delaware   001-16797   54-2049910 (State or other jurisdiction of incorporation)   (Commission File Number)   (I.R.S. Employer Identification No.) 4200 Six Forks Road , Raleigh , North Carolina 27609 (Address of principal executive offices) (Zip Code) (540) 362-4911 (Registrant’s telephone number, including area code) Not Applicable (Former name or former address, if changed since last report)     Securities Registered Pursuant to Section 12(b) of the Act:   Title of each class   Trading symbol   Name of each exchange on which registered Common Stock, $0.0001 par value   AAP   New York Stock Exchange Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:   ☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)   ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)   ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))   ☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐       INFORMATION TO BE INCLUDED IN THE REPORT Item 1.01. Entry into a Material Definitive Agreement. On March 11, 2024, Advance Auto Parts, Inc. (the “Company”) entered into a Cooperation Agreement (the “Cooperation Agreement”) with shareholders affiliated with Third Point LLC (together with its affiliates, “Third Point”) and Saddle Point Management, L.P. (together with their affiliates, “Saddle Point” and together with Third Po