Genuine Parts Company announced April 24 that Thomas C. Gallagher, Executive Chairman of Genuine Parts Company, has informed the Board of Directors of his decision to retire as an executive officer and employee of the company, effective June 30, 2017.
Gallagher will continue to serve as Non-Executive Chairman of the Board following his retirement.
Paul Donahue, President and Chief Executive Officer of Genuine Parts Company, said, "On behalf of the entire organization, we want to thank Tom for his 47 years of dedicated service to the company. Tom positively influenced every aspect of the organization during his exceptional career, and his leadership as President from 1990 to January 2012 and CEO from 2004 to May 2016 guided our significant growth over this period. We are forever grateful for his many contributions to the company and we wish him the very best for the future."
Donahue added, "Tom has also served as our Chairman since 2005, and we look forward to his continued counsel as Non-Executive Chairman following his retirement.”
In an unrelated announcement, Genuine Parts Company said its Board of Directors elected Sidney G. Jones to the position of Senior Vice President of Investor Relations. Jones has been with the company for 27 years and was previously Vice President of Investor Relations.
Donahue said, "Sid has successfully led our investor relations efforts since 2003 and is well deserving of this expanded leadership role. He has distinguished himself with his broad financial and business knowledge and communicates our company's message to both internal and external parties with critical insight and understanding. We look forward to his many future contributions."
The Board of Directors of Genuine Parts Company declared a regular quarterly cash dividend of sixty-seven and one-half cents ($0.675) per share on the company's common stock. The dividend is payable July 3, 2017 to shareholders of record June 9, 2017.
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