O’Reilly Automotive Inc. (Nasdaq: ORLY) temporarily expanded its board of directors to 11 members from nine, as two longtime leaders plan to retire.
The Springfield-based auto parts retailer announced the new slots were filled by company CEO Greg Henslee, 56, and PVH Corp. (NYSE: PVH) executive Dana Perlman, 37, according to a news release. With $8 billion in annual revenue, PVH Corp. owns clothing brands including Tommy Hilfiger, Calvin Klein and Heritage Brands, according to its website.
Board Vice Chairman Charlie O’Reilly, 77, and independent lead director Paul Lederer, 77, are scheduled to retire from the board in May at the end of their current terms. O’Reilly has served on the board since 1966 and Lederer has been a member since 2001. Both are reaching the board’s mandatory retirement age of 78. O’Reilly Automotive spokesman Mark Merz said the board likely will return to nine members after their retirements.
“The board thought it was absolutely in the best interest (for Henslee and Perlman) to have the opportunity to work with them before they transitioned off the board,” Merz said.
Henslee has led O’Reilly Automotive as CEO since 2005 and Perlman has worked as treasurer and senior vice president of business development and investor relations for PVH since 2011, according to the release.
“Greg Johnson and Jeff Shaw have done a fantastic job since moving into their co-president roles earlier this year, which has allowed Mr. Henslee to focus more on the company’s strategic direction and leadership development in addition to his operational focus. His extensive automotive aftermarket knowledge and experience will be tremendous assets to the company’s board,” O’Reilly Automotive board Chairman David O’Reilly said in the release. “Ms. Perlman brings extensive global retail, investment banking and business development experience to the company.
“The composition of O’Reilly’s board continues to evolve, and Ms. Perlman’s experience, expertise and skill set are welcome additions as we enhance our board and align it to provide the governance and oversight necessary to position the company for continued, long-term profitable growth.”
O’Reilly Automotive, which on Oct. 20 opened its 5,000th store, reported third-quarter earnings of $283.7 million, a 2 percent increase.
ORLY shares were trading at $216.16 as of 10:19 a.m., compared with a 52-week range of $169.43 to $286.57.
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