Sears Gains Additional Advance Auto Parts Board Seats - What Does This Mean?

ROANOKE, Va., Feb. 4 -- Advance Auto Parts, Inc. announced today the appointment of three new members to the Board of Directors, bringing the total number of directors to twelve. The new members, whose appointments are effective immediately, are Stephen M. Peck, Paul Liska, and Glenn Richter.

Commenting on the addition of the new Board members, Nicholas F. Taubman, Chairman of the Board of Advance Auto Parts, stated, ``We are delighted to appoint individuals of such strong caliber to the Advance Auto Parts Board of Directors. Each new member has enjoyed a distinguished career and will bring a tremendous depth of financial knowledge and strategic planning skills to the organization. We look forward to the insight and guidance that Mr. Peck, Mr. Liska, and Mr. Richter will offer during this very exciting time for the Company.''

Stephen Peck, 67, has joined the Board and will serve as Chairman of its audit committee. Mr. Peck is currently a general partner of Wilderness Partners, L.P. and is Chairman of the Board of Trustees and executive committee of Mount Sinai/NYU Health, Mount Sinai Hospital, and Mount Sinai School of Medicine. In addition, he serves as a member of the Board of Directors for a variety of other institutions including Fresenius Medical Care, OFFIT Investment Funds, Canarc Resource Corp., Banyan Strategic Realty Trust, and The Jewish Theological Seminary. He also serves as a member of the advisory board of Brown Simpson Asset Management and is Chairman of the advisory board of The Torrey Funds. Mr. Peck was also a founding partner of the investment firm of Weiss, Peck and Greer, L.L.C.

Paul Liska, 46, is an Executive Vice President and the Chief Financial Officer of Sears, Roebuck and Co. (Sears) . Prior to joining Sears in June 2001, Mr. Liska held the position of Executive Vice President and Chief Financial Officer of The St. Paul Companies, Inc. from 1997 to 2001. In 1994, he joined Specialty Foods Corporation as President and Chief Executive Officer. Prior to his tenure with Specialty Foods Corporation, he was with Kraft Incorporated where he held various financial and strategic positions. Mr. Liska is a former board member of Renaissance Reinsurance Corporation, John Nuveen Company, and St. Paul Venture Capital Limited. He is a graduate of the J.L. Kellogg Graduate School of Management, Northwestern University and earned his Bachelors Degree from the University of Notre Dame.

Glenn Richter, 39, is the Senior Vice President of Finance for Sears. In 2000, he joined Sears as Vice President and Controller and was appointed to his current position in July 2001. Prior to joining Sears, he was with Dade Behring International, serving as the Senior Vice President and Chief Financial Officer from 1998 to 1999 and the Senior Vice President and Corporate Controller from 1997 to 1998. Before that, Mr. Richter held various financial and strategic positions at PepsiCo and was also a consultant at McKinsey & Company. He is a graduate from the Fuqua School of Management, Duke University and earned his Bachelors Degree at The George Washington University.

As part of the Company's acquisition of Western Auto Stores Company from Sears in 1998, Sears was granted three board seats. With these new appointments, Paul Liska, Glenn Richter, and current Board member William L. Salter, will hold the positions. In conjunction with the new appointments, Jeffrey B. Connor has elected to resign from the Board.

Advance Auto Parts, Inc. is based in Roanoke, Va., and is the second largest auto parts chain in the nation. With over 2,400 stores in 38 states, Puerto Rico and the Virgin Islands, the Company serves both the do-it-yourself and professional installer markets. On November 28, 2001 Advance Auto Parts completed the acquisition of Discount Auto Parts, a 671-store chain based in Lakeland, Florida. Additional information about the Company, employment opportunities, services, as well as on-line purchase of parts and accessories can be found on the Company's web site at http://www.advanceautoparts.com.