Advance Auto Parts CEO and Finance Chief Depart – C-Suite Transitions

In recent months, a notable trend of simultaneous CEO and CFO departures has emerged, drawing attention to turmoil in the top ranks of certain companies. We highlight three examples of this trend below.

1. A few weeks ago, we wrote about the departure of GameStop’s (GME) CFO, coupled with the unexpected termination of Matthew Furlong’s role as President and CEO, a move that raised eyebrows. Since the time we covered these departures in an article titled Second Executive Departs in Two Months at GameStop, the stock went on to drop nearly 22% before rebounding a little in the last four days.
2. RB Global (RBA) also saw the departure of both the CEO and CFO. This situation took an unexpected turn as not only did the CEO exit following disputes over her compensation package but the resignation part is also still in question.
3. The trend continued with PayPal’s (PYPL) announcement earlier in the year, where the CFO departed the company following a leave of absence for health reasons. Furthermore, the CEO, Dan Schulman, is set to step down effective September 2023.

This week, the pattern persisted with the automotive parts retailer Advance Auto Parts (AAP), with both the CEO and CFO stepping down. According to a filing on August 23, CFO Jeff Shepherd departed the company on August 18, 2023.

Welcome to edition 56 of C-Suite Transitions, a weekly series on InsideArbitrage that tracks appointments and departures at publicly traded companies during the prior week. We highlight five appointments and departures each week by picking the largest companies from the full list of management changes.

Sudden Departures

1. PRAA:  On August 21, 2023, PRA Group Chief Financial Officer Peter M. Graham notified the company’s Board of Directors of his decision to resign from the company, effective September 15, 2023, to pursue another employment opportunity.
2. DSGN: On August 25, 2023, Design Therapeutics President and Chief Executive Officer João Siffert, M.D., and the Board of Directors of Design Therapeutics agreed to the resignation of Dr. Siffert from all offices of the company and from the Board, effective immediately.
3. BIO: On August 21, 2023, Bio-Rad Laboratories Chief Accounting Officer Ajit Ramalingam notified the company of his plans to resign from the company, effective September 18, 2023.

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