Advance Auto Parts Inc.
09/17/2024 | Press release | Distributed by Public on 09/17/2024 14:07
Management Change/Compensation Form 8 K
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(b) In connection with a re-alignment of field leadership responsibilities, on September 13, 2024, Advance Auto Parts, Inc. (the "Company") updated the duties of Herman L. Word, Jr., Executive Vice President, U.S. Stores and Independents. Effective September 13, 2024, Mr. Word serves as Executive Vice President, Professional, Canada and Independents. He remains an executive officer of the organization, will continue to oversee the Company's network of Carquest independents, and will take additional responsibility for the Company's operations in Canada. Jason M. Hand, Senior Vice President, U.S. Stores, will take additional responsibility related to store operations, will continue to lead the Company's regional vice presidents and will now report directly to the Company's Chief Executive Officer. The Company believes this re-alignment of field leadership responsibilities will enable deeper focus on both do-it-yourself and professional initiatives.
(e) In connection with the update to his duties and in consideration of his ongoing leadership and service, the Company and Mr. Word have entered into an Amendment to his employment agreement (the "Amendment") that primarily relate to his new responsibilities and the applicability of the good reason trigger in his agreement. A copy of the Amendment is attached hereto as Exhibit 10.1 and incorporated herein by reference.