ATLANTA - Genuine Parts Company (NYSE:GPC), a distributor of automotive and industrial replacement parts, has announced the appointment of Charles "Chuck" K. Stevens as a new director to its board. The election of Stevens, who previously served as executive vice president and chief financial officer of General Motors Company (NYSE:GM) from 2014 to 2018, follows the retirement of E. Jenner Wood from the board.
Stevens brings a wealth of experience from his tenure at General Motors, where he held various leadership roles within the finance team before his executive position. "We want to extend our sincere gratitude to Jenner for his nearly 10 years of service on our board. We thank him for his leadership and many contributions to GPC," said Paul Donahue, Chairman and CEO of Genuine Parts Company
"As Jenner retires, we would also like to welcome Chuck to our Board of Directors. His extensive experience in the automotive industry, along with his financial and accounting expertise, make him a valuable addition to our board. We look forward to his future contributions to GPC."
In addition to the board changes, the company's Board of Directors has declared a regular quarterly cash dividend of one dollar ($1.00) per share on the company's common stock, which will be payable on July 1, 2024, to shareholders of record as of June 7, 2024.
Genuine Parts Company, founded in 1928, operates globally with a vast network of over 10,700 locations in 17 countries, supported by more than 60,000 employees. The company's Automotive Parts Group has a presence in North America, Australasia, and various European countries, while its Industrial Parts Group serves customers in North America and Australasia.
The information for this report is based on a press release statement.
InvestingPro Insights
The recent appointment of Charles K. Stevens to the board of Genuine Parts Company (NYSE:GPC) underscores the company's commitment to strong leadership and industry expertise. With a history of raising its dividend for an impressive 36 consecutive years, GPC demonstrates a strong track record of returning value to shareholders. This is further reinforced by the announcement of the latest quarterly cash dividend of one dollar ($1.00) per share, showcasing the company's financial stability and consistent performance.
InvestingPro data highlights GPC's substantial market presence with a market capitalization of $22.48 billion and a Price/Earnings (P/E) ratio of 17.92, which reflects investor confidence in the company's profitability. The slightly adjusted P/E ratio for the last twelve months as of Q1 2024 stands at 16.98, indicating a stable valuation over time. Moreover, the company's revenue growth over the last twelve months as of Q1 2024 was 2.4%, showing a steady increase in its financial performance.
According to InvestingPro Tips, GPC is a prominent player in the Distributors industry and operates with a moderate level of debt, which may appeal to investors looking for a well-established company with a prudent financial strategy. Additionally, the company has been profitable over the last twelve months, and analysts predict it will continue to be profitable this year, providing a positive outlook for potential and current investors. There are even more InvestingPro Tips available, and for those interested in a deeper analysis, you can find additional insights at Investing.com/pro/GPC. Use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, and explore the full range of expert financial analysis and tips.
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