Advance Auto Parts Appoints Ryan Grimsland as Executive Vice President and Chief Financial Officer
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RALEIGH, N.C.--(BUSINESS WIRE)--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 it has appointed Ryan Grimsland as executive vice president and chief financial officer, effective November 27, 2023. Tony Iskander, who has served as interim chief financial officer since August 2023 will continue in his role as senior vice president, finance and treasurer.

"I am excited to welcome Ryan to the Advance family and look forward to partnering with him as we begin a new chapter in the company's 90-year history," said Shane O'Kelly, president and CEO. "Following a robust search, we are confident that Ryan's deep finance, retail, strategy development and transformation experience will be invaluable as we execute on our comprehensive business review and work to realize Advance's full potential. We thank Tony for his dedication and outstanding contributions while serving in the interim role. As we look ahead, our entire team is focused on building on the progress we are already making to reposition the company for long-term success and value creation."

Mr. Grimsland, 46, brings more than 20 years of corporate finance, treasury, financial planning, and retail strategy and transformation experience. Most recently, Mr. Grimsland served as senior vice president, strategy and transformation at Lowe's Companies, Inc. During his 17-year tenure at Lowe's he held leadership roles across all aspects of the finance organization, including senior vice president, corporate finance and treasurer; vice president, corporate financial planning and analysis; and vice president, stores finance. Prior to joining Lowe's, he held positions in operations and finance at Haverty's Furniture and UBS. Mr. Grimsland earned an MBA in accounting from Benedictine University and a bachelor's degree in business administration from High Point University.

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Mr. Grimsland said, "I am thrilled to join Advance and honored to serve as the company's chief financial officer. I look forward to working with Shane, the board of directors and leadership team, and the nearly 70,000 dedicated team members across the organization to deliver operational improvements, execute on the company's repositioning, and deliver long-term, sustainable shareholder value."

The company also announced that it is eliminating the position of executive vice president, merchandising, marketing and e-commerce, currently held by Jason McDonell, as part of its efforts to streamline the organizational structure. As a result, Mr. McDonell will depart from the company effective December 1, 2023. Mr. McDonell's responsibilities will be assumed by other members of the Advance leadership team.

Mr. O'Kelly added, "On behalf of the entire Advance team, I thank Jason for his leadership and contributions over the past four years. Jason helped develop our enterprise marketing and e-commerce functions and launched Advance SameDay™ delivery as well as our DieHard® brand, which has enabled accelerated battery sales growth and share gains. We wish Jason all the best in the future."

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 October 7, 2023 Advance operated 4,785 stores and 320 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.

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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 leadership transitions, strategic initiatives, operational plans and objectives, our 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.

Contacts

Investor Relations Contact:
Elisabeth Eisleben
T: (919) 227-5466
E: invrelations@advanceautoparts.com

Media Contact:
Darryl Carr
T: (984) 389-7207
E: AAPCommunications@advance-auto.com
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