- After about seven years in the position
- Praise and thanks for Zarcone
- Justin Jude taking over
- Zarcone spoke at length and said 148 words
(exechange) — Chicago, Illinois, November 27, 2023 — Nick Zarcone, chief executive of LKQ, is set to leave his position. His upcoming departure is made public at an early stage. As announced by LKQ Corp. in a news release and in a regulatory filing published on Monday, November 27, 2023, Dominick P. (Nick) Zarcone leaves his post as chief executive officer at the auto parts supplier, after about seven years in the role, effective June 30, 2024.
Nick Zarcone’s duties as CEO will be taken over by Justin Jude, currently Senior Vice President and President of the Wholesale – North America segment at LKQ Corp.
“Culmination of a succession planning process”
The planned management change is explained as follows. Chairman of the Board, Guhan Subramanian, stated: “Today’s announcement is the culmination of a succession planning process that the Board initiated more than a year ago.”
Precise information regarding Nick Zarcone’s future plans was not immediately available.
“Retire”
LKQ said: “Dominick Zarcone, the Company’s current President and Chief Executive Officer, has informed the Company’s Board of Directors (the “Board”) of his intention to retire from his role effective June 30, 2024.”
Share price increase since November 2018
The announcement follows an increase in LKQ Corp.’s share price of 66% since November 2018.
In the position of CEO since 2017
Nick Zarcone became CEO of the Company in 2017.
Zarcone became the Company’s President and Chief Executive Officer in May 2017.
He was the Company’s Executive Vice President and Chief Financial Officer from March 2015 to May 2017.
Prior to joining the Company, he was the Managing Director and the Chief Financial Officer of Baird Financial Group, a capital markets and wealth management company, and certain of its affiliates from April 2011 to March 2015.
He also served from April 2011 to March 2015 as Treasurer of Baird Funds, Inc., a family of fixed income and equity mutual funds managed by Robert W. Baird & Co. Incorporated, a registered broker/dealer.
From February 1995 to April 2011, Zarcone was a Managing Director and Chief Operating Officer of the Investment Banking department of Robert W. Baird & Co. Incorporated.
From February 1986 to February 1995, he was with the investment banking company Kidder, Peabody & Co., Incorporated, most recently as Senior Vice President of Investment Banking.
Zarcone is a member of the Board of Directors of Generac Power Systems, Inc., a designer and manufacturer of power generation equipment and engine-powered products.
148 words by Nick Zarcone
In the release announcing his departure as CEO of LKQ Corp., Nick Zarcone received praise and thanks.
In announcing his departure, Nick Zarcone spoke at length and said 148 words.
“Maintain the employee-focused culture”
Nick Zarcone stated: “It has been an absolute honor to serve LKQ over the past nine years as we have expanded and strengthened our global businesses and leadership teams. Our success is the product of the tireless efforts of our greatest asset – the 51,000 team members who make LKQ truly special. Importantly, we started on an operational excellence journey in late 2018 and have achieved tremendous progress. Nowhere has that been more evident than in our Wholesale – North America segment which, under Justin’s direction, has significantly expanded margins and improved cash flow, all while enhancing our leading market position. Time and again, Justin has proven himself as both a strong operating executive and an effective leader who definitively embodies LKQ’s values. The Board’s decision to appoint Justin as my successor will ensure the continuation of the operational excellence program and maintain the employee-focused culture that is critical to our continued success.”
Push-out Score for Nick Zarcone’s move determined
The Push-out Score indicates on a scale of 0 to 10 how likely it is that Nick Zarcone was pushed out or felt pressure to leave his position.
exechange reached out to LKQ and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 49.2023 ($).