Advance Auto Parts Names Carlos A. Saladrigas to Its Board of Directors
ROANOKE, Va., May 22, 2003 -- Advance Auto Parts, Inc. announced today that Carlos A. Saladrigas, co-founder and chairman of the board of Premier American Bank in Florida has been elected to its Board of Directors and will be a member of the Audit Committee of the Board. Premier American Bank, established in 2001, provides innovative financial services to small and mid-size companies.
Advance Auto Parts' Chairman and CEO Larry Castellani said, "We are most pleased to have Mr. Saladrigas join our Board, as we have no doubt he will be instrumental in assisting the Board and management in bringing AAP to new heights."
Saladrigas, 54, is also co-founder of The Vincam Group, Inc. He served as its chief executive officer from its inception in 1984, until it merged with Automatic Data Processing, Inc. in 1999, becoming ADP TotalSource. Saladrigas served as its chief executive officer until May 2002. TheVincam Group, a professional employer services company, providing outsourced human resource services to small and mid-size businesses, was recognized by Hispanic Business in 1998 as the largest Hispanic-owned company in the United States. At that time, it had revenues of over $1 billion with more than 50,000 work site employees.
Saladrigas is recognized as one of the "founding fathers" of the professional employer services industry. As former president of the National Association of PEOs and co-founder of the Institute for the Accreditation of PEOs, (IAPEO), he worked with government officials to create guidelines and industry standards of accountability to the emerging industry. A recognized authority on issues relating to employment, he has served on boards and chaired several Florida employee organizations.
Before founding Vincam, Saladrigas was executive vice president of Florida's first Health Maintenance Organization, CAC Health Plan of Florida, and held several positions at PepsiCo, including chief financial officer of its largest overseas subsidiary in Mexico. Saladrigas started his career in public accounting with the firms, Arthur Young and Peat Marwick.
Committed to community service and philanthropy, Saladrigas is currently Vice Chair of the University of Miami. He has also served as a trustee of the Rhode Island School of Design and of Spring Hill College in Mobile, Alabama. He chairs the Board of Advisors for the Institute of Cuban and Cuban-American Studies at the University of Miami, and he holds leadership positions in a number of Catholic organizations and the Florida Council of 100.
Florida Governor Jeb Bush named Saladrigas a director to the state's economic development agency, Enterprise Florida. Over the years he has received many honors for his business and community contributions. In 1996, the University of Miami named him Alumnus of Distinction. In 1997, he was honored as Florida Entrepreneur of the Year. In 2001, he received the Thomas Carvel Immigrant Entrepreneur Award from the National Immigration Forum. In 2002, the Miami-Dade Commission on Ethics and Public Trust voted him Top Volunteer Advocate, citing his leadership on ethics and public accountability.
Mr. Saladrigas is a C.P.A. (currently inactive) and a C.M.A. He holds degrees from Miami-Dade Community College, the University of Miami (cum laude) and Harvard University (M.B.A. with honors). He was born in Cuba in 1948 and came to the United States in 1961 through Operation Pedro Pan. This program allowed Cuban citizens to send their children to the United States unaccompanied to escape communist rule on the island. He has been married to Olga Maria Leon for 34 years, and they have four children.
Advance Auto Parts, Inc., based in Roanoke, VA, is the second largest retailer of automotive parts in the United States. On April 19, 2003, the Company had 2,456 stores in 37 states, Puerto Rico and the Virgin Islands. The Company serves both the do-it-yourself and professional installer markets.
Certain statements contained in this news release are forward-looking statements. These statements discuss, among other things, expected growth, store development and expansion strategy, business strategies, future revenues and future performance, including our future free cash flow and earnings per share. These forward-looking statements are subject to risks, uncertainties and assumptions including, but not limited to, competitive pressures, demand for the Company's products, the market for auto parts, the economy in general, inflation, consumer debt levels, the weather, and other risk factors listed from time to time in the company's filings with the Securities and Exchange Commission. Actual results may materially differ from anticipated results described in these forward-looking statements. The Company intends these forward-looking statements only as of the time of the news release and does not undertake to update or revise them, as more information becomes available.