WASHINGTON (dpa-AFX) - Genuine Parts Company (GPC) announced future leadership teams and Board leadership for its Automotive and Industrial businesses as it advances its planned separation into two publicly traded companies. The separation is expected to be completed in the first quarter of 2027. Upon completion, the company's Automotive business will operate as Genuine Parts Company, and its Industrial business will operate as Motion.
Court Carruthers, a current GPC Board member, has been appointed Chief Executive Officer-elect of Genuine Parts Company, effective immediately, and will assume the role of Chief Executive Officer upon completion of the separation. Jean-Jacques Lafont, a current GPC Board member, has been appointed Non-Executive Chairman of Genuine Parts Company upon completion of the separation. The company also announced that Bert Nappier, currently Executive Vice President and Chief Financial Officer, will serve as Executive Vice President, Chief Financial and Operating Officer of Genuine Parts Company, effective immediately.
Will Stengel, current Chairman and Chief Executive Officer of Genuine Parts Company, will join Motion as Chairman and Chief Executive Officer upon completion of the separation. James Howe will continue to lead Motion's day-to-day operations and strategy in an elevated role as President and Chief Operating Officer, effective immediately. Howard Yu will join Motion as Executive Vice President and Chief Financial Officer. Yu most recently served as Executive Vice President and Chief Financial Officer of Ball Corporation.
At previous close on NYSE, Genuine Parts shares were trading at $134.06, down 2.91%.
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