Advance Auto Parts recently announced that Tom Greco has informed the company of his plan to retire as president and chief executive officer of the company at the end of the year.

Following Greco’s retirement, he plans to serve in an advisory capacity through a transition period, the company noted.

In connection with Greco’s planned retirement and the company’s succession-planning process, the Advance Auto Parts board has formed a succession committee, composed of independent directors. The board intends to retain a leading executive search firm to assist in a thorough and comprehensive search that considers both internal and external candidates, Advance said in a news release.

 “It has been a privilege to lead Advance and I am extremely proud of the talented team we have built as well as the accomplishments we have delivered together,” Greco said. “Since my appointment as CEO, we have successfully integrated a transformative acquisition while scaling the business and enhancing our operational efficiency, inventory and distribution capabilities to better serve our customers.

“I believe now is the right time to begin to transition leadership for two primary reasons. First, we are in the final year of our three-year strategic business plan and are in the process of updating our next multi-year strategy. This transition will enable my successor to play a role in developing the next chapter of Advance’s strategy and help ensure the long-term success of Advance. Secondly, by planning for retirement in advance, I will be able to work with the board’s succession committee to identify my successor and facilitate a smooth transition. In the meantime, I’m committed to the execution of our 2023 plan to continue delivering for customers and driving long-term shareholder value.”

Eugene Lee Jr., chair of the board of directors, asserted that Greco “has constructed a strong foundation that will enable success in Advance’s next chapters.”

“Under his leadership, Advance has transformed its talent base and culture, delivered nearly $2 billion of revenue growth and more than doubled its adjusted earnings per share over the last five years,” Lee Jr. said. “Advance is now better-positioned to meet the challenges of today’s dynamic environment and as we undertake our search for the next CEO, we are focused on ensuring that the company continues to unlock its enormous potential and deliver long-term shareholder value.”