Advance Auto Parts, a corporate giant that was once based in Roanoke, has recently appointed three new board members as part of an agreement with hedge fund Third Point. The company is now based in Raleigh, North Carolina and hopes to recover from its financial losses through the support of these new board members. Gene Lee, an Advance board member, expressed his confidence in their ability to help the company return to profitable growth and continue CEO Shane O’Kelly’s initiatives.
In 2023, Advance Auto Parts fell short of expectations, resulting in a fourth-quarter loss of $35.1 million on $2.5 billion in sales. Despite this, the company earned $29.7 million on $11.3 billion in sales for the entire year. Financial experts view Advance Auto Parts as weaker than its competitors AutoZone and O’Reilly Auto Parts due to its lower profitability and market share. The company was founded in Roanoke in 1932 but relocated its headquarters to Raleigh in 2018 while maintaining a significant presence in the Roanoke region with between 500 and 999 employees as reported by the Roanoke Regional Partnership.
