Advance Auto Names New CEO, Starts Review as Earnings Shrink
- Retailer misses quarterly estimates and cuts annual forecast
- Firm struggled to keep up with inflation, outgoing CEO says
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Advance Auto Parts Inc. named a new chief executive officer and started a strategic review of the business as it struggles to keep up with inflation. The shares rose as much as 6.2%.
Shane O’Kelly, the head of Home Depot Inc.’s HD Supply unit, will become CEO of Advance Auto effective Sept. 11, the company said Wednesday. The aftermarket parts retailer reported quarterly profit that missed estimates and lowered its outlook for the year.