Discount Auto Parts Launches Search for New President/CEO
18 January 2001
Discount Auto Parts Launches Search for New President/CEO
LAKELAND, Fla.--Jan. 18, 2001--Discount Auto Parts, Inc. today announced it is launching a search for a new President/CEO following the resignation today of William C. Perkins, President/Chief Operating Officer, from his positions as an executive officer and as a director in order to pursue other opportunities.Peter Fontaine, the company's chief executive officer and chairman of the board will retain the CEO position until a replacement is brought on board. Fontaine plans to remain actively involved in the company as chairman of the board.
"The entire industry has been challenged over the past two years," Fontaine said, "and our board believes the company, our stockholders and our team would benefit from the fresh perspective of a new leader. We are committed to giving the new executive the authority needed to make changes that will support our success in the future. I have committed our full support to the search process and to create an environment that expedites a smooth succession."
Fontaine said that he believes some of the key issues affecting the company's financial performance are behind it, but that the industry's evolution requires consideration of new philosophies and direction.
"The drag on performance created by our entry into the commercial segment is diminishing, now that fixed costs are in place and stable," he said. "Commercial is on the cusp of profitability, so any ramp-up in sales should improve the bottom line. And, we continue to focus on execution at the retail store level, despite industry-wide challenges. Still, our board believes new leadership with fresh ideas can give us a necessary boost to the next level."
The Discount Auto Parts board has retained a nationally-known executive search firm, and Fontaine will be actively involved in the search process, with continuous input from the company's independent board members.
Fontaine added, "On behalf of the team members and the Board of Directors, I would also like to take this opportunity to thank Bill Perkins for his dedicated service to the company for more than seventeen years and wish him well in his future endeavors."
Discount Auto Parts, Inc. is one of the Southeast's leading specialty retailers and suppliers of automotive replacement parts, maintenance items and accessories to both DIY consumers and professional mechanics and service technicians. The Company currently operates stores located throughout Florida, Georgia, Mississippi, Alabama, Louisiana, and South Carolina.