ATLANTA (Nov. 19, 2014) — Bill Stevens, chairman and CEO of Genuine Parts Co.'s Motion Industries industrial parts distribution business, has announced his plan to retire on March 1, 2015.
The company's board of directors has elected Timothy P. Breen to the position of president and CEO of the unit, effective immediately. Previously, Mr. Breen was president and chief operating officer of Motion Industries. Mr. Stevens will remain as Motion Industries' chairman until his retirement in early 2015, Genuine Parts said.
Genuine Parts Chairman and CEO Tom Gallagher thanked Mr. Stevens for his 37 years of dedicated service, including the last 18 years as Motion Industries CEO, noting the business “is the leading industrial distribution company in North America, largely attributable to Bill's leadership and we wish him the very best in the years ahead.”
Mr. Gallagher called Mr. Breen “a talented executive and well deserving of his expanded and important role. Tim is a proven leader with tremendous industry experience and is the right person to lead Motion to further success in the years ahead. We look forward to his many future contributions.”
Mr. Breen began his career in 1982 at Berry Bearing Co., which was acquired by Motion Industries in 1993. Throughout his 33-year career, he has held a variety of significant positions, including executive vice president and COO of Motion's U.S. operations and, most recently, president and COO.
Additionally, Genuine Parts' board declared a regular quarterly cash dividend of 57.5 cents ($.5750) per share on the company's common stock. The dividend is payable Jan. 2, 2015, to shareholders of record Dec. 5, 2014.
Genuine Parts is a distributor of automotive replacement parts in the U.S., Canada, Mexico and Australasia. The company reported 2013 revenues of $14.1 billion.