VOL. 130 | NO. 196 | Thursday, October 8, 2015
AutoZone Increases Share Buyback, Announces Executive Changes
By Andy Meek
AutoZone is adding another $750 million to its ongoing share buyback program, the Memphis-based car parts retailer announced after market close on Wednesday, Oct. 7.
(Daily News File/Lance Murphey)
The company said that including the new amount authorized by its board, AutoZone has since 1998 authorized share buybacks worth $16.4 billion.
AutoZone chief financial officer Bill Giles said in a release about the news that the company’s “continued strong financial performance” allows the company to buy back its stock while maintaining its investment grade rating.
“We remain committed to utilizing share repurchases within the bounds of a disciplined capital structure to enhance stockholder returns while maintaining adequate liquidity to execute our plans,” Giles said.
Meanwhile, AutoZone on Wednesday also announced a flurry of organizational changes effective immediately.
Mark Finestone, senior vice president of merchandising and store development, has been promoted to executive vice president over merchandising, supply chain and marketing.
Also, senior vice president Bill Graves has been promoted to executive vice president over Mexico, Brazil, IMC and store development. And Tom Newbern, senior vice president over store operations and loss prevention, has been promoted to executive vice president.
AutoZone currently has 5,609 stores.