Genuine Parts Company (GPC) has announced the appointment of Court Carruthers and Matt Carey to its board of directors, effective September 4, 2025. Carruthers, who previously served as president and CEO of Tricorbraun, and Carey, who previously held senior roles at The Home Depot, eBay, and Walmart, bring extensive operational and financial expertise to the board.
These appointments are part of GPC's ongoing board refreshment program, which aims to strategically add industry and operational expertise while reducing the size of the board. In connection with a cooperation agreement with Elliott Investment Management, L.P., GPC has made significant changes to its board composition, including the retirement of Robert ("Robin") Charles Loudermilk, Jr. and John R. Holder, who had served on the board since 2010 and 2011, respectively.
The company's board refreshment efforts over the past year have resulted in the replacement of six retiring directors with individuals possessing highly relevant expertise and proven track records of operational and financial success. These changes reflect GPC's commitment to advancing its long-term growth objectives and delivering enhanced value for its shareholders.
Will Stengel, President and CEO of GPC, emphasized that the past year has been pivotal for the company, highlighting the disciplined and speedy advancement of strategic initiatives despite a dynamic business environment. Stengel expressed his anticipation of working alongside the new board members as they continue to evaluate and pursue opportunities to enhance operational performance, improve profitability, and unlock shareholder value.
As one of GPC's largest investors, Elliott Investment Management, L.P. believes that the new additions to the board and the ongoing strategic and operational review represent critical steps toward ensuring that GPC reaches its full potential. They expressed their confidence in the company's ability to create substantial, long-term value, indicating their commitment to continuing constructive engagement with GPC as it enters the next phase of value creation.
These developments come as GPC plans to host an investor day in 2026, signaling a proactive approach to engaging with shareholders and the investment community. The company's ongoing review of operational and strategic value creation initiatives aligns with its commitment to driving growth and delivering value for its shareholders.
Established in 1928, Genuine Parts Company is a leading global service provider of automotive and industrial replacement parts and value-added solutions. With a vast network of over 10,700 locations spanning 17 countries and supported by more than 63,000 teammates, GPC continues to keep the world moving through its automotive and industrial parts groups operating across multiple regions. The market has reacted to these announcements by moving the company's shares 0.18% to a price of $136.27. Check out the company's full 8-K submission here.
