Genuine Parts Announces Paul Donahue as New CEO
Tuesday, April 26th, 2016
Genuine Parts Company announced that its Board of Directors declared a regular quarterly cash dividend of sixty-five and three-quarter cents ($0.6575) per share on the Company's common stock.
The dividend is payable July 1, 2016 to shareholders of record June 3, 2016.
They also announced that its Board of Directors elected Paul D. Donahue to the position of President and Chief Executive Officer of the Company, effective May 1, 2016. Mr. Donahue, 59, has served as President of the Company since 2012 and was also President of the U.S. Automotive Parts Group from 2009 to 2015. Previously, he served as Executive Vice President of Genuine Parts Company from 2007 to 2009 and President and Chief Operating Officer of S. P. Richards Company from 2003 to 2007. Prior to joining the Company in 2003, Mr. Donahue was President of Newell Rubbermaid's Sanford North American division.
Tom Gallagher, Chairman and Chief Executive Officer of the Company, will continue in his position as Chairman of the Board of Directors.
Mr. Gallagher stated, "We are extremely pleased to name Paul as only the fifth CEO in the 88 year history of Genuine Parts Company. Paul is a proven executive and has demonstrated exceptional leadership capabilities in his 13 years with us. His deep knowledge and understanding of the Company as well as his vast industry experience make him the right person to successfully lead our Company into the future."