- After about six years in the position
- Praise and thanks for Johnson
- Brad Beckham taking over
- Johnson said 114 words
(exechange) — Springfield, Missouri, July 26, 2023 — Greg Johnson, chief executive of O’Reilly, is set to leave his position. His upcoming departure is made public at an early stage. As announced by O’Reilly Automotive Inc. in a news release and in a regulatory filing published on Wednesday, July 26, 2023, Greg D. Johnson leaves his post as chief executive officer at the retailer in the automotive aftermarket industry, after about six years in the role, effective January 31, 2024.
Greg Johnson’s duties as CEO will be taken over by Brad Beckham, currently Co-President at O’Reilly Automotive Inc.
“Long-term succession planning”
The planned management change is explained as follows. Executive Chairman of the Board, Greg Henslee, stated: “Greg has been a champion for O’Reilly’s promote from within philosophy and our dedication to long-term succession planning, and he has done an exemplary job preparing both Brad Beckham and Brent Kirby for their new roles.”
Precise information regarding Greg Johnson’s future plans was not immediately available.
“Retire”
O’Reilly said: “Greg Johnson, the Company’s Chief Executive Officer (“CEO”), has informed the Company’s Board of Directors (the “Board”) of his intention to retire from the Company effective January 31, 2024.”
Share price increase since July 2018
The announcement follows an increase in O’Reilly Automotive Inc.’s share price of 251% since July 2018.
In the position of CEO since 2018
Greg Johnson became CEO of the Company in 2018.
Gregory D. Johnson has been an O’Reilly Team Member for 40 years, which includes continuous years of service with a company acquired by O’Reilly.
Johnson’s O’Reilly career began as a part-time Distribution Center Team Member and progressed through the roles of Retail Systems Manager, Warehouse Management Systems (WMS) Development Manager, Director of Distribution, Vice President of Distribution Operations, Senior Vice President of Distribution Operations, Executive Vice President of Supply Chain, Chief Executive Officer and Co-President, and President and Chief Executive Officer.
Johnson held the position of Co-President from 2017 until February of 2022 and President from February 2022 until January 2023.
Johnson has held the position of Chief Executive Officer since 2018.
114 words by Greg Johnson
In the news release announcing his departure as CEO of O’Reilly Automotive Inc., Greg Johnson received praise and thanks.
In announcing his departure, Greg Johnson said 114 words.
“Brad and Brent have both been critical members of the O’Reilly leadership team”
Greg Johnson stated: “It has been such a privilege to play a part in O’Reilly’s incredible growth story. Without any doubt, our success and achievements have been driven by our dedicated Team Members who live our Culture values each day and consistently provide the highest level of service in our industry, and it has truly been an honor to work with this unbelievably talented team. During my tenure as CEO, Brad and Brent have both been critical members of the O’Reilly leadership team and their significant knowledge, combined with that of our entire experienced executive management team, positions the Company well to continue our record of 30 consecutive years of comparable store sales and operating income growth.”
39% of CEOs are forced out or fired
When CEO departures are announced, exechange determines the Push-out Score on a scale of 0 to 10 to assess how likely it is that the chief executive was pushed out or felt pressure to leave the position, with 0 being most likely a voluntary move and 10 being most likely a forced exit. Anything over a 5 indicates that there are valid reasons to believe an executive may have been pushed out.
Of the 314 CEO departures in the Russell 3000 Index evaluated over the past 12 months (July 26, 2022, to July 25, 2023), the average Push-out Score was 6.1, according to exechange data. References to conduct issues, disagreements and irregularities lead to the highest Push-out Scores. When performance issues, time with family or personal reasons were cited as departure reasons, the average Push-out Scores were also significantly elevated.
Around 39% of the CEO departure events from the past 12 months received Push-out Scores of 8 or higher.
In other words, in the past 12 months, three in eight departing CEOs were forced out or fired.
Push-out Score for Greg Johnson’s move determined
The Push-out Score regarding Greg Johnson’s move is explained point by point in the exechange report.
Read the full story in the exechange report 31.2023 ($).