- After about eight years in the position
- Praise for Donahue
- Will Stengel taking over
- Donahue will remain as executive chairman at Genuine Parts
- Donahue said 86 words
(exechange) — Atlanta, Georgia, April 29, 2024 — Paul Donahue, chief executive of Genuine Parts, leaves his position. As announced by Genuine Parts Co. in a news release and in a regulatory filing published on Monday, April 29, 2024, Paul D. Donahue leaves his post as chief executive officer at the distributor of automotive and industrial replacement parts, after about eight years in the role, effective June 3, 2024.
Paul Donahue’s duties as CEO will be taken over by William P. (Will) Stengel, currently President and Chief Operating Officer at Genuine Parts Co.
It is a generational change. Will Stengel is about 21 years younger than Paul Donahue.
No reason given
In the announcement, Genuine Parts did not explicitly explain the reason for the move.
Donahue will remain as executive chairman at Genuine Parts
Genuine Parts stated: “Paul D. Donahue will transition from chairman and CEO to executive chairman, effective June 3, 2024. At that time, William P. Stengel, II, currently president and COO, will succeed Mr. Donahue as president and CEO of GPC and will serve as a member of the board of directors.”
“Transition”
Genuine Parts said: “Paul D. Donahue will transition from chairman and CEO to executive chairman, effective June 3, 2024.”
Share price increase since April 2019
The announcement follows an increase in Genuine Parts Co.’s share price of 41% since April 2019.
In the position of CEO since 2016
Paul Donahue became CEO of the Company in 2016.
Paul D. Donahue is Chairman and Chief Executive Officer of the Company.
In April of 2019 the Board of Directors appointed him as Chairman and in May of 2016, he was named Chief Executive Officer.
From January of 2012 until May of 2016 he served as President of the Company.
He served as President of the Company’s U.S. Automotive Parts Group from July, 2009 to February 1, 2016.
Donahue served as Executive Vice President of the Company from August 2007 until his appointment as President.
In addition, between 2004 and 2007, Donahue served as President and Chief Operating Officer of S. P. Richards Company, a former wholly-owned subsidiary of the Company.
Donahue was a director of Truist Financial Corporation from 2019-2023, and served as a member of the Compensation and Human Capital Committee as well as the Trust Committee.
86 words by Paul Donahue
In the release announcing his departure as CEO of Genuine Parts Co., Paul Donahue received praise.
In the release announcing his departure as CEO, Paul Donahue said 86 words.
“Only the sixth CEO in our company’s 96-year history”
Paul Donahue stated: “I am incredibly proud of all we have accomplished as One GPC team, and equally grateful for the 20+ years I have been privileged to work for this amazing company. As I transition from the CEO role, I am pleased to welcome Will as only the sixth CEO in our company’s 96-year history. I have every confidence in Will, our global leadership teams and our board of directors to deliver on our vision to be the leading global automotive and industrial parts distributor and solutions provider.”
The above text is an excerpt from the exechange report 19.2024 ($), publication date May 6, 2024.