ATLANTA (Feb. 16, 2016) — Auto parts distributor Genuine Parts Co. (GPC) has increased by 7 percent its regular quarterly cash dividend for 2016.
At its Feb. 15 meeting, the company's board of directors increased the cash dividend payable to an annual rate of $2.63 per share compared with the previous dividend of $2.46 per share. The quarterly cash dividend of 65.75 cents per share is payable April 1 to shareholders of record March 4.
Atlanta-based GPC, operator of NAPA Auto Parts, said it has paid a cash dividend every year since going public in 1948 — with 2016 marking the 60th consecutive year of increased dividends paid to shareholders.
The board approved Lee A. Maher as president and chief operating officer of the company's U.S. Automotive Parts Group.
The company also announced that its board has elected two new corporate officers:
- Scott W. LeProhon was named executive vice president of global procurement; and
- Gregory N. Miller was named senior vice president and chief information officer (CIO).
Additionally, the board elected Charles A. Chesnutt to the position of senior vice president and treasurer, replacing Frank M. Howard, who is retiring from GPC following a 38-year career there.
Mr. LeProhon brings 28 years of experience in a variety of key management roles with GPC, most recently serving as executive vice president of merchandising and product strategy for the U.S. Automotive Parts Group. Mr. Miller, previously senior vice president and chief financial officer for the Parts Group, has been with the company since 2010. Mr. Chesnutt has been with GPC since 2002, holding a variety of senior management positions, most recently serving as senior vice president of technology and CIO. Mr. Maher, a 38-year veteran of the company's automotive business, was previously executive vice president and COO of the U.S. Automotive Parts Group.
Tom Gallagher, chairman and CEO of GPC, thanked Mr. Howard for his “significant contributions to the company throughout his long career,” noting he has been an “excellent financial executive for us and we wish him the very best in his retirement.”
He added that as EVP of global procurement, Mr. LeProhon “will manage the global vendor relationships across the GPC automotive platform as well as the company's automotive supply businesses. Greg will lead our corporate-wide IT initiatives and Charlie will head the company's treasury functions, including its important financing relationships.
“All three of these talented individuals bring valuable experience and expertise to their new positions. We look forward to their many future contributions.”
As president of the U.S. Automotive Parts Group, Mr. Gallagher continued, Mr. Maher “will have responsibility for the U.S. Automotive network of 59 distribution centers and 1,100 company owned stores, and he will lead our ongoing efforts to maximize the growth opportunities across the entire NAPA network….”
Genuine Parts also said it plans to release fourth quarter and year-end earnings on Feb. 16, with management conducting a conference call at 11 a.m. Eastern time. The call can be accessed on the company's website by clicking “Investors,” or by dialing 888-312-9865. The conference ID is 273389.
A recording of the call will be available on the website or toll-free at 877-870-5176 via the ID 273389 two hours after the completion of the conference call until 12 a.m. Eastern time on March 1.
GPC distributes automotive replacement parts in the U.S., Canada, Mexico and Australasia as well as industrial replacement parts in the U.S., Canada and Mexico through its Motion Industries subsidiary. Its S. P. Richards Co., the Office Products Group, distributes business products in the U.S. and Canada while its Electrical/Electronic Group, EIS Inc., distributes electrical and electronic components throughout the U.S., Canada and Mexico.