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Advance Auto Parts, Raleigh’s only Fortune 500 company, has seen a tumultuous 2023.
The year began with CEO Tom Greco announcing his retirement in February. The announcement came as concerns about the company’s performance began to mount, with the sentiment rising to a crescendo after Advance Auto’s first-quarter earnings report in May.
The company missed earnings estimates, lowered its guidance for the year and decreased its dividend. Advance Auto (NYSE: AAP) shares dropped by 36 percent in one day.
Since then, the company has continued to worry analysts and shareholders with its earnings performance. Shares are trading around $60 now compared to above $140 a year ago.
The company was booted from the S&P 500 in August due to its diminished market cap. Advance Auto also announced the departure of CFO Jeff Shepherd in August.
Greco officially stepped down in September and was replaced by Shane O’Kelly, who previously served as the CEO of HD Supply and is a graduate of the U.S. Military Academy in West Point, New York.
Advance Auto's third-quarter earnings results in November missed analyst estimates again. And hard decisions followed. The company announced the hiring of a new CFO, the elimination of an executive position, a plan to divest from WorldPac and the termination of about 400 positions, including corporate jobs at the company's Raleigh headquarters in North Hills.
