MILTON, Ga. — Vehicle battery marketer Exide Technologies has appointed Timothy D. Vargo, a current member of Exide's board, to serve as president and CEO.
Mr. Vargo succeeds Vic Koelsch, who is stepping down and will remain an advisor to the CEO through Dec. 31. Mr. Vargo will remain a member of the board of directors.
"Vic and the board agree that now is the right time for a new leader with a fresh operational perspective to drive value in the next phase of Exide's growth," said Exide Chairman Keith Wandell. "Tim brings the right leadership skills and operational experience to step in and immediately accelerate our transformation."
"While our market position is increasing and our business continues to achieve new performance levels, I see the opportunity to enhance our growth while driving value for our customers and our stakeholders," said Mr. Vargo. "I look forward to working with our 10,000 dedicated employees across the globe who are integral to our company's success."
Mr. Vargo previously served as the president and chief operating officer of AutoZone where he was instrumental in executing a growth strategy that took the company from 1,000 stores to 3,250 stores and sales from $1.5 billion to more than $5 billion.
He also has held a variety of senior executive and director positions at Auto Teile-Unger, TruckPro and Kele Inc.