Advance Auto Drops After Disappointing Results, CEO Change
- Auto-parts chain forges truce with activist investor Starboard
- Company's president to take reins as interim leader in January
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Advance Auto Parts Inc., which has been under pressure from activist investor Starboard Value, fell the most in more than three years after announcing the retirement of its chief executive officer in the wake of weak third-quarter results.
Earnings were $1.95 a share in the period, excluding some items, the Roanoke, Virginia-based company said Thursday in a statement. Analysts had estimated $2.09 on average. CEO Darren Jackson will step down on Jan. 2 after eight years at the helm, Advance Auto said. He’ll be succeeded on an interim basis by President George Sherman. The board will consider Sherman, along with external candidates, for the permanent role.