Advance Auto Parts Inc. named a new chief executive officer and started a strategic review of the business as it struggles to keep up with inflation.
Shane O’Kelly, the head of Home Depot Inc.’s HD Supply unit, will become CEO of Advance Auto effective Sept. 11, the company said Wednesday. The aftermarket parts retailer reported quarterly profit that missed estimates and lowered its outlook for the year.
“Profitability in the quarter was below expectations, primarily related to our inability to price to cover inflation,” Greco said in a statement. The company made strategic investments that helped drive comparable-store sales growth in the final four weeks of the second quarter, which continued into the third quarter, he said.
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