Summary
O'Reilly Automotive, Inc. (ORLY) filed an 8-K on February 7, 2017, primarily announcing its fourth quarter and full-year 2016 financial results and significant executive leadership changes. The company appointed Gregory D. Johnson and Jeff M. Shaw as Co-Presidents, effective immediately. Both executives have extensive tenures with the company and will now lead distinct but complementary operational areas, reporting to the existing CEO, Greg Henslee. This restructuring aims to leverage their deep experience in supply chain and store operations, respectively, to drive future growth and efficiency.
Key Highlights
- 1O'Reilly Automotive announced its 2016 fourth quarter and full-year earnings via a press release filed as an exhibit.
- 2Gregory D. Johnson and Jeff M. Shaw were promoted to Co-Presidents, effective immediately.
- 3Gregory D. Johnson will oversee Merchandise, Logistics, Purchasing, and Finance, among other areas.
- 4Jeff M. Shaw will be responsible for Store Operations, Sales, and Acquisitions, among other areas.
- 5Both Co-Presidents will continue to report to CEO Greg Henslee.
- 6New Co-Presidents each appointed an annual base salary of $550,000.
- 7Both Co-Presidents are eligible for an annual performance incentive compensation plan with a bonus target of 80% of base salary, tied to company performance.