O'Reilly Auto switches up board leadership

Greg Henslee is scheduled to become executive chairperson of the board in May.

David O'Reilly has held the top board role for 15 years.

• 
• 

ORLY stock crosses $500 for 1st time

O'Reilly Automotive Inc.'s (Nasdaq: ORLY) stock exceeded $500 per share for the first time in the company's history.

The stock first passed the $500 threshold on March 26 after the company announced a succession plan for its board leadership. Greg Henslee was appointed executive chairperson of the board, switching roles with David O'Reilly, who is slated to become executive vice chairperson of the board.

ORLY shares hit an all-time high of $509.43 this morning. The company's 52-week low is $283.59.

The company's stock has been on a steady incline in March, starting below $450 per share before passing $480 on March 12 and $490 on March 19.

The two top officers of the O'Reilly Automotive Inc. (Nasdaq: ORLY) Board of Directors are swapping seats.

Greg Henslee is slated to move into the executive chairperson seat on the board, with David O'Reilly becoming executive vice chairperson, according to a news release. The transition plan is slated to take effect immediately following the company's annual meeting on May 13.

“After serving for 15 distinguished years as O’Reilly’s executive chairman and leading the company through incredibly profitable growth, David has communicated his desire to transition into a different role on the company’s board,” said Jay Burchfield, lead independent director of the O'Reilly Automotive board, in the release. “David has expressed his strong desire to continue to remain highly involved in the operations of the company."

Henslee became executive vice chairperson of the board in 2018 after previously serving as the Springfield auto parts retailer’s CEO since 2005, according to past reporting.

O'Reilly said in the release that Henslee is the right choice to succeed him as executive board chairperson.

"I am confident that Greg’s knowledge and experience make him the most qualified person to be the executive chairman and help lead our company to success going forward," O'Reilly said in the release.

The appointments are contingent on the election of directors at the annual meeting in May.

O'Reilly Automotive last month announced it exceeded $11 billion in annual sales for the first time in company history.