ATLANTA, Feb. 16, 2016 /PRNewswire/ -- Genuine Parts
Company (NYSE: GPC) announced today a 7% increase in the regular
quarterly cash dividend for 2016. The Board of Directors of
the Company, at its February 15, 2016
Board meeting, increased the cash dividend payable to an annual
rate of $2.63 per share compared with
the previous dividend of $2.46 per
share. The quarterly cash dividend of sixty-five and
three-quarter cents ($.6575) per
share is payable April 1, 2016 to
shareholders of record March 4,
2016. GPC has paid a cash dividend every year since going
public in 1948, and 2016 marks the
60th consecutive year of increased dividends paid to
shareholders.
Genuine Parts Company also announced today that its Board of
Directors has elected two new corporate officers. Scott W. LeProhon was named Executive Vice
President of Global Procurement and Gregory
N. Miller was named Senior Vice President and Chief
Information Officer. Additionally, the Board elected
Charles A. Chesnutt to the position
of Senior Vice President and Treasurer, replacing Frank M. Howard, who is retiring from the
Company following a successful 38 year career. Finally, the
Company's Board has also approved Lee A.
Maher as President and Chief Operating Officer of the U.S.
Automotive Parts Group.
Mr. LeProhon brings with him 28 years of experience in a variety
of key management roles with the Company, most recently serving as
Executive Vice President of Merchandising and Product Strategy for
the U.S. Automotive Parts Group. Mr. Miller was previously
Senior Vice President and Chief Financial Officer for the U.S.
Automotive Parts Group, and has been with the Company since
2010. Mr. Chesnutt has been with the Company since 2002, and
has held a variety of senior management positions, most recently
serving as Senior Vice President of Technology and Chief
Information Officer. Mr. Maher, a 38 year veteran of the
Company's automotive business, was previously Executive Vice
President and Chief Operating Officer of the U.S. Automotive Parts
Group.
Tom Gallagher, Chairman and CEO
of Genuine Parts Company, stated, "We want to thank Frank Howard for his significant contributions
to the Company throughout his long career. He has been an
excellent financial executive for us and we wish him the very best
in his retirement."
Mr. Gallagher added, "As EVP of Global Procurement, Scott will
manage the global vendor relationships across the GPC automotive
platform as well as the Company's automotive supply
businesses. Greg will lead our corporate-wide IT initiatives
and Charlie will head the Company's treasury functions, including
its important financing relationships. All three of these
talented individuals bring valuable experience and expertise to
their new positions. We look forward to their many future
contributions."
Mr. Gallagher concluded, "As President of the U.S. Automotive
Parts Group, Lee will have responsibility for the U.S. Automotive
network of 59 distribution centers and 1,100 company owned stores,
and he will lead our ongoing efforts to maximize the growth
opportunities across the entire NAPA network. We are pleased
to have a proven executive like Lee so uniquely qualified for this
important leadership position in our Company. Lee is surrounded by
a very talented and capable management team and we are excited for
the growth prospects for this business."
Genuine Parts Company plans to release Fourth Quarter and
Year-End Earnings later this morning. Management will also
conduct a conference call at 11:00 a.m.
Eastern time. The public may access the call on the
Company's website, www.genpt.com, by clicking "Investors", or by
dialing 888-312-9865. The conference ID is
273389. If you are unable to participate during the call, a
recording of the call will be available on the Company's website or
toll-free at 877-870-5176, ID 273389, two hours after the
completion of the conference call until 12:00 a.m. Eastern time on March 1, 2016.
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 in the U.S. and Canada. The Electrical/Electronic Group, EIS,
Inc., distributes electrical and electronic components throughout
the U.S., Canada and
Mexico.
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SOURCE Genuine Parts Company