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.
O’Kelly will replace Tom Greco, who informed the company earlier this year of his plans to retire. Advance Auto said that Greco will stay on for an unspecified period as an adviser.
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