Shane O’Kelly Succeeds Tom Greco as CEO at Advance Auto

Effective September 11, Shane O’Kelly, who currently leads Home Depot Inc.’s HD Supply unit, will assume the role of CEO at Advance Auto, as disclosed on August 23.

The transition in leadership will see Shane O’Kelly taking over from Tom Greco, who had communicated his intention to retire earlier in the year. Notably, Tom Greco will remain involved with the company as an advisor during an unspecified transitional period.

In a statement, Tom Greco acknowledged that the company’s quarterly profitability fell short of expectations, largely attributed to challenges in appropriately adjusting pricing to account for inflation. Despite this, he highlighted the positive impact of strategic investments, which notably contributed to growth in comparable-store sales during the final weeks of the second quarter, extending into the third quarter.

The market responded positively to this news, with Advance Auto shares experiencing an initial increase of up to 6.2%, eventually settling at a 0.6% rise as of 7:30 a.m. in New York, just before regular trading commenced. This comes amidst a challenging year for the company, with its stock having declined by 54% as of the close of trading on August 22.

Shane O’Kelly brings to his new role a wealth of experience spanning over three decades in supply chain and operational management. Before his tenure as the leader of HD Supply, he held the position of CEO at PetroChoice, a distributor of lubricants.

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