Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On January 23, 2008, Advance Auto Parts, Inc. (the “Company”) announced that Michael O. Moore has resigned as Executive Vice President, Chief Financial Officer and Secretary of the Company, effective February 1, 2008. Mr. Moore’s resignation is not the result of any disagreement or other dispute with the Company known to any executive officer of the Company, regarding any accounting or financial reporting issue.
On January 23, 2008, the Company announced that its Board of Directors had appointed Michael A. Norona to become Executive Vice President, Chief Financial Officer and Secretary of the Company in February 2008. Mr. Norona, age 43, has served as the President of Financial Services for Best Buy Co., Inc., a national retailer of consumer electronics, office products, appliances and software, since March 2007. Prior to that position, he served Best Buy as Vice President of Financial Services from June 2006 until March 2007, as Vice President Finance-Retail Decision Support from May 2004 until June 2006, and as Vice President Finance-Shared Services from April 2002 until May 2004. Prior to April 2002, Mr. Norona served in escalating financial leadership roles, ultimately as head of Finance, with Future Shop, a Best Buy subsidiary.
It is anticipated that Mr. Norona will receive an employment agreement from the Company to be negotiated by the Company and Mr. Norona prior to the commencement of his employment. The commencement date of his employment has not yet been fixed. The Company will provide additional disclosure regarding Mr. Norona’s compensation arrangements when agreement has been reached.
Item 7.01 Regulation FD Disclosure.
On January 23, 2008, the Company issued a press release announcing the appointment of Michael A. Norona as Executive Vice President, Chief Financial Officer commencing in February 2008. A copy of the press release is attached as Exhibit 99.1 and furnished herewith.
Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act.
Item 9.01 Financial Statements and Exhibits.
