CHICAGO – The LKQ Board of Directors has selected the company’s chief financial officer, Dominick Zarcone, to become the new president and CEO. The decision was unanimous.
The move comes as Robert Wagman has announced that he will step down from the positions of president and CEO for health reasons.
In addition, the board has appointed Joseph Holsten, LKQ’s current chairman of the board and former CEO, as executive chairman.
Wagman will remain with the company on a part-time consulting basis, and LKQ will immediately begin a process to fill the position of CFO as a result of Zarcone’s promotion. Zarcone will be included in the slate of nominees for election as a member of the LKQ Board of Directors at the annual shareholders meeting in May. Wagman will not be standing for re-election to the board.
Zarcone joined LKQ in March 2015 after advising the company on numerous financing and acquisition transactions starting with LKQ’s initial public offering in 2003. Prior to joining LKQ, Zarcone was with the financial services firm Robert W. Baird, serving as its managing director and CFO from 2011 to 2015.
Prior to that, Zarcone spent 16 years in Baird’s investment banking department, serving as the chief operating officer from 2006 to 2011.
“I am extremely pleased with the choice of Nick Zarcone as the new CEO,” Holsten said. “Nick has been our chief financial officer since March 2015 and has been an integral part of the LKQ story since he led the team at Baird that took us public in 2003. We are profoundly grateful to Rob Wagman for his dedication and commitment during more than 18 years with LKQ. We look forward to Rob’s counsel as a consultant on a part-time basis while he addresses his health considerations. In addition, I will be taking on an increased role at the company, and we will collectively remain focused on our business in view of the long history of the three of us working together.”
Wagman, who joined LKQ in 1998, said he has been “particularly honored to spend the past six years as CEO.”
“But I now need to slow down so I can focus on my health,” Wagman said. “I have never been more excited about the future of LKQ, am delighted the board has selected Nick to be my successor, and will help ensure a seamless transition.”
