Advance Auto Parts Appoints Gilbert Ray to Board of Directors
ROANOKE, Va., Dec. 23, 2002; Advance Auto Parts, Inc. announced today the appointment of Gilbert T. Ray to the Company's Board of Directors, effective December 19, 2002. Mr. Ray will serve as chairman of the Corporate Governance and Nominating Committee.
Mr. Ray practiced corporate law for over 28 years. Until his retirement in January 2000, he was a partner at O'Melveny & Myers, LLP, where he headed the government relations practice of the firm. He served as counsel on numerous securities offerings, acquisitions, dispositions and mergers.
"The addition of Gilbert Ray to our Board of Directors will enhance the Board's depth and expertise in many important areas," commented Nicholas F. Taubman, Chairman of the Board of Advance Auto Parts. "His distinguished career and achievements in law and finance will augment our Board's ability to successfully drive this Company forward."
Mr. Ray serves on the board of directors of HMS Host Company, Automotive Club of Southern California, Sierra Monolithics, Inc., Watson Wyatt & Company, and Anchor Pathway Fund, Seasons Series Fund, and SunAmerica Series Trust. He also serves on the board of The John Randolph Haynes and Dora Haynes Foundation and St. John's Health Center Foundation.
Mr. Ray graduated magna cum laude from Howard University School of Law with a Juris Doctorate. He also earned a Masters of Business Administration from the University of Toledo and a Bachelors of Arts from Ashland University.
Mr. Ray is active in the community and has received numerous awards including the Fred Snowden Humanitarian Award - Greater Los Angeles African American Chamber of Commerce in 1997, Outstanding Alumni Award - Ashland University in 1996, and the Civil Rights Advocate of the Year in 1992 - NAACP Legal Defense Fund.
Effective December 17, 2002 and in conjunction with the completion of the secondary offering, where Sears Roebuck and Company sold all of its remaining stock in the Company, Sears' nominees, Paul J. Liska and Glenn Richter resigned from the Board of Directors. William L. Salter, the retired President of the Specialty Retail Division of Sears, will remain on the board as an independent director, bringing the total number of directors to eleven.
Advance Auto Parts, Inc. is based in Roanoke, Va., and is the second largest retailer of automotive parts in the United States. At October 5, 2002, the Company had 2,393 stores in 37 states, Puerto Rico and the Virgin Islands. The Company serves both the do-it-yourself and professional installer markets.