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.
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