AutoZone Inc AZO said Bill Rhodes will relinquish his positions as President and Chief Executive Officer (CEO) effective January 2024. Rhodes will become Executive Chairman of the Board.
Rhodes has been President, CEO and on the Board of Directors since March of 2005.
The company has appointed Philip B. Daniele to succeed Rhodes' as CEO in January 2024, and he will also become a member of the Board of Directors.
Daniele has been with the company for twenty-nine years and is currently Executive Vice President Merchandising, Marketing and Supply Chain.
"I want to thank Bill for his outstanding leadership during his more than 18 years as our CEO and we are excited and grateful that he will remain actively involved as Executive Chairman and an Officer of the Company," said Lead Director Earl G. Graves.
"Phil shares Bill's passion for the business and most importantly, for our AutoZoners."
Price Action: AZO shares closed higher by 2.18% at $2,476.55 on Monday.
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