Advance Auto Parts Announces Executive Leadership Changes

Appoints Shane O’Kelly as President and Chief Executive Officer

Names Tony Iskander as Interim Chief Financial Officer

Advance Auto Parts, Inc. (NYSE: AAP), a leading automotive aftermarket parts provider in North America that serves both professional installer and do-it-yourself customers, today announced that its board of directors has appointed Shane O’Kelly as president and chief executive officer, effective September 11, 2023. Mr. O’Kelly will succeed Tom Greco, who has served as president and CEO since April 2016. Mr. Greco announced his planned retirement in February 2023 and will stay on as an advisor to ensure a seamless transition.

Mr. O’Kelly has also been appointed to the Advance Auto Parts board of directors, effective September 11, 2023. Gene Lee, interim executive chair of the board of directors, will continue in his interim role through the end of the year.

Mr. O’Kelly, 54, brings more than 30 years of operational, strategic development, integration and supply chain experience, including a proven track record of developing high-performing teams and cultures to drive results. Most recently, Mr. O’Kelly served as CEO of HD Supply, a wholly owned subsidiary of The Home Depot, Inc. Prior to joining Home Depot, Mr. O’Kelly was the CEO of PetroChoice, the nation's largest distributor of lubricants and lubrication solutions. Prior to that, he was CEO of AH Harris, a specialty construction supply distributor. Earlier in his career, he worked at The Home Depot and McKinsey and Company. Mr. O’Kelly served as a captain in the US Army and earned an MBA from Harvard Business School and a bachelor’s degree from The United States Military Academy at West Point.

Gene Lee, interim executive chair, said, “On behalf of the entire Advance Auto Parts board, I am delighted to welcome Shane to the Advance family. Following an extensive search over the past several months, we are confident that Shane’s robust operational background leading complex supply chain organizations makes him the ideal next leader for Advance. His proven leadership, commitment to serving customers, and strong track record of disciplined execution across multi-unit businesses will enable him to lead Advance in the next chapter and help drive long-term value for our shareholders.”

Mr. O’Kelly said, “I am honored to be joining Advance at such an important inflection point for the company. I have great respect for the talented team members at Advance and all that has been accomplished, including the team’s relentless focus on delivering for customers while navigating the challenging competitive and macroeconomic environment. As we undertake an operational and strategic review of the business, I look forward to working alongside the entire Advance team and our board of directors to drive growth, operational excellence and value for all stakeholders.”

The company also announced today that Tony Iskander has been named interim chief financial officer, effective August 18, 2023. Mr. Iskander succeeds Jeff Shepherd, who departed from Advance, effective August 18, 2023. Mr. Iskander has more than 25 years of finance and accounting experience and served as the company’s senior vice president, finance and treasurer since 2020. Prior to joining Advance in 2017, he spent more than a decade at Hillrom, where he held various finance roles of increasing responsibility. A search is being initiated, with the assistance of a leading executive search firm, to identify the company’s next chief financial officer.

Mr. Lee said, “We thank Jeff for his contributions and wish him the best in his future endeavors. Advance is fortunate to have a seasoned executive in Tony to assume the CFO role on an interim basis. I am very confident that Tony will lead the finance team through a seamless transition and work closely with Advance’s new CEO when Shane officially joins in September.”

About Advance Auto Parts

Advance Auto Parts, Inc. is a leading automotive aftermarket parts provider that serves both professional installer and do-it-yourself customers. As of July 15, 2023, Advance operated 4,790 stores and 319 Worldpac branches primarily within the United States, with additional locations in Canada, Puerto Rico and the U.S. Virgin Islands. The company also served 1,307 independently owned Carquest branded stores across these locations in addition to Mexico and various Caribbean islands. Additional information about Advance, including employment opportunities, customer services, and online shopping for parts, accessories and other offerings can be found at www.AdvanceAutoParts.com.

Forward-Looking Statements

Certain statements herein are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are usually identifiable by words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” “guidance,” “intend,” “likely,” “may,” “plan,” “position,” “possible,” “potential,” “probable,” “project,” “should,” “strategy,” “will,” or similar language. All statements other than statements of historical fact are forward-looking statements, including, but not limited to, statements about our leadership transition, strategic initiatives, operational plans and objectives, our planned strategic and operational review and expectations for economic conditions, future business results and future financial performance, as well as statements regarding underlying assumptions related thereto. Forward-looking statements reflect our views based on historical results, current information and assumptions related to future developments. Except as may be required by law, we undertake no obligation to update any forward-looking statements made herein. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those projected or implied by the forward-looking statements. They include, among others, factors related to the company’s leadership transition, the timing and implementation of strategic initiatives, our ability to hire, train and retain qualified employees, deterioration of general macroeconomic conditions, the highly competitive nature of our industry, demand for our products and services, complexities in our inventory and supply chain and challenges with transforming and growing our business. Please refer to “Item 1A. Risk Factors” of our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”), as updated by our subsequent filings with the SEC, for a description of these and other risks and uncertainties that could cause actual results to differ materially from those projected or implied by the forward-looking statements.

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