Advance Auto Parts announced the appointment of Ryan Grimsland, a veteran from Lowe’s, as its new CFO. Grimsland, with nearly two decades of experience at Lowe’s, will assume the CFO position at Advance Auto effective Nov. 27, according to a company statement. Tony Iskander, who has been serving as interim CFO since August, will continue as Senior Vice President of Finance and Treasurer.
In addition to a base salary of $675,000, Grimsland will be eligible for the company’s annual incentive bonus plan starting in 2024. A one-time cash signing bonus of $750,000 has also been disclosed in accordance with certain terms outlined in a Securities and Exchange Commission filing.
Grimsland, aged 46, brings over 20 years of corporate finance, treasury, financial planning, and retail strategy and transformation experience, primarily from his 17-year tenure at Lowe’s. He held leadership positions, including senior vice president of strategy and transformation, and senior vice president of corporate finance.
The appointment comes amid Advance Auto’s focus on a comprehensive business review following a period of underwhelming financial performance this year. The third-quarter earnings report unveiled a year-over-year drop in gross profits to $1 billion, a 16.3% decrease. This follows the company’s earlier announcement of O’Kelly as the new CEO in September, succeeding the retired Tom Greco, and the departure of former CFO Jeff Shepherd.
Advance Auto CEO Shane O’Kelly expressed confidence in Grimsland, emphasizing his extensive finance, retail, strategy development, and transformation experience. Grimsland’s recruitment aligns with Advance Auto’s commitment to execute a thorough business review and maximize the company’s potential.
O’Kelly also highlighted the company’s determination to stabilize and return to profitable growth, emphasizing a meticulous approach to evaluating all assets, including corporate stores, as part of its ongoing strategy.
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