(Reuters) – Automotive and industrial replacement parts provider Genuine Parts’ CEO Paul Donahue will step down from his position and will assume the role of executive chairman, the company said in a statement on Monday.
Its current president and COO William P. Stengel will succeed Donahue effective June 3.
Stengel, who joined the company in 2019, previously assumed various executive leadership roles at Home Depot, including president and CEO of its Supply Facilities Maintenance unit.
Earlier in April, the company raised its 2024 profit forecast, hinging on strong demand for parts and improving automotive sales in the United States.
(Reporting by Abhinav Parmar in Bengaluru; Editing by Alan Barona)
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