Tuesday, May 08, 2007
Advance Auto Parts' CEO resigns; interim leader named
Advance's earnings declined for the last three quarters of 2006. For the year, net income dropped 1.5 percent.
The top official at Advance Auto Parts resigned from the company on Monday.
It is unclear why Mike Coppola, chief executive officer, president and chairman, stepped down from the Roanoke-based automotive parts retailing company.
He could not be reached for comment.
John Brouillard, the lead director of Advance's board, will serve as interim president, CEO and chairman of the board while Advance conducts a national search for a new CEO.
Brouillard said he did not know if Coppola's resignation was related to Advance's weak financial performance in 2006.
Advance's earnings declined for the last three quarters of 2006. For the year, its net income dropped 1.5 percent to $231 million, though sales were up 8.2 percent at $4.6 billion.
"I can't get into what his reasons were [for resigning]," Brouillard said. "It's always hard when you're the man on top and the business isn't as strong as you want it to be."
Coppola joined Advance in 2001 as senior vice president of merchandising. His prior retail experience included a long career at Tops Friendly Markets in Buffalo, N.Y.
At Advance, Coppola was executive vice president and chief operating officer before he succeeded Larry Castellani as CEO in 2005.
Brouillard credited Coppola with leading the company through an aggressive marketing program, which involved remodeling Advance's stores with brighter, more contemporary design.
Brouillard, who lives in Massachusetts, said he won't permanently relocate to Roanoke, but he'll commute here as often as possible to run the company.
Brouillard joined Advance's board in 2004. He also is on the boards of Eddie Bauer Holdings and H.E. Butt Grocery Co. His retail experience spans 28 years, with positions at H.E. Butt and at Hills Department Stores.
Advance, a Fortune 500 company, is keeping its initial guidance for the first quarter of 2007. It expects earnings per share to be in the range of 68 cents to 72 cents, according to a news release. The company will release its first-quarter earnings next week, and its annual meeting is set for May 16.
"We will continue to grow the company and move the company forward," Brouillard said.




