ATLANTA, Nov. 17, 2014
/PRNewswire/ -- Genuine Parts Company (NYSE: GPC) announced today
that Bill Stevens, Chairman and CEO
of Motion Industries, the Company's industrial parts distribution
business, has announced his plan to retire on March 1, 2015. Accordingly, the Board of
Directors elected Timothy P. Breen
to the position of President and Chief Executive Officer of Motion
Industries, effective today. Previously, Mr. Breen was
President and COO of Motion Industries. Mr. Stevens will
remain as Chairman of Motion Industries until his retirement in
early 2015.
Tom Gallagher, Chairman and CEO
of Genuine Parts Company, commented, "We want to thank Bill for his
37 years of dedicated service to Motion Industries, including the
last 18 years as CEO. Motion Industries is the leading
industrial distribution company in North
America, largely attributable to Bill's leadership and we
wish him the very best in the years ahead."
Mr. Gallagher added, "Tim is a talented executive and well
deserving of his expanded and important role. Tim is a proven
leader with tremendous industry experience and is the right person
to lead Motion to further success in the years ahead. We look
forward to his many future contributions."
Mr. Breen began his career in 1982 at Berry Bearing Company
which was acquired by Motion Industries in 1993. Throughout
his 33 year career, Tim has held a variety of significant
positions, including EVP and COO of Motion's U.S. operations and,
most recently, President and COO.
Additionally, the Board of Directors of Genuine Parts Company
declared a regular quarterly cash dividend of fifty-seven and
one-half cents ($.5750) per share on
the Company's common stock.
The dividend is payable January 2,
2015 to shareholders of record December 5, 2014.
About Genuine Parts Company
Genuine Parts Company is a distributor of automotive replacement
parts in the U.S., Canada,
Mexico and Australasia. The
Company also distributes industrial replacement parts in the U.S.,
Canada and Mexico through its Motion Industries
subsidiary. S. P. Richards Company, the Office Products
Group, distributes business products nationwide in the U.S. and
Canada. The Electrical/Electronic
Group, EIS, Inc., distributes electrical and electronic components
throughout the U.S., Canada and
Mexico. Genuine Parts Company had 2013 revenues of
$14.1 billion.
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SOURCE Genuine Parts Company