AutoZone To See Two Board Members Retire, Following Market Shares Getting Approval
The US aftermarket auto parts company, AutoZone, will be seeing two of its board members retire in December 2019, as it revealed in a recently published statement.
According to a statement released in October 16, 2019 by the auto parts company, board members W. Andrew McKenna and Luis P. Nieto will not be going for reelection on the board, retiring from AutoZone’s leadership, effective December.
Bill Rhodes, AutoZone Chair, President, and CEO issued his own statement on the matter, saying that both of them have served the company greatly in their time. Andy, who’s served 20 years, have acted as a guide, tutor, and leader in his posts as Lead Company Director and Audit Committee Chair. Nieto, or “Lou” as Rhodes refers to him, has been acting director for more than a decade, serving on the AutoZone’s audit, nomination, and corporate governance committees, noting how Nieto provided invaluable expertise to the company and provide solutions to complex problems the company was facing.
Rhodes stated that the company will celebrate these two directors, and are grateful for their leadership and contributions to AutoZone.
The auto parts retailer, based in Memphis, Tennessee, has 6,400 stores spread across the US, Puerto Rico, Mexico, as well as Brazil. As it stands, the company has 12 board members, which include McKenna and Nieto.
The company has been doing fairly well, besides that, as the company recently received an overwhelming consensus of “Buy” for it stocks from the 19 market firms currently keeping an eye on the company, according to Marketbeat.
The updated 12-month stock price on the firm for 2018 was US$1,120.87, with brokerages advising that AutoZone raise its stock prices to $1,100 to get an “equal weight” in a research note that was released on Sept. 25. CIBC, meanwhile, raised the company from a “market perform” to “outperform” rating, issuing a stock price target of US$1,240, which they released in a market research note on September 19.
However, not all of the firms issued good news, with ValuEngine lowering the company from a “buy” to a “hold” rating in an earlier research note released on August 6th.