MEMPHIS, Tenn., Jan. 11 /PRNewswire/ -- AutoZone, Inc. (NYSE: AZO), today
named Steve Odland, 42, as the company's third chairman of the board and chief
executive officer.
(Photo: http://www.newscom.com/cgi-bin/prnh/20010111/CHTH023 )
Odland comes to AutoZone from Ahold USA, Inc., the leading supermarket
retailer on the eastern seaboard, where he most recently held the position of
chief operating officer. Prior to that, he served as president and chief
executive officer for Tops Markets, Inc., one of Ahold's operating companies.
Before joining Ahold, he served both Sara Lee Corporation and The Quaker Oats
Company in various senior management capacities.
"We could not have found a better fit for AutoZone than Steve Odland.
He's accustomed to a fast-paced environment and razor-thin margins, since he
spent a number of years in the grocery business. His capacity for operating
successfully under those conditions gives me great confidence in his ability
to efficiently manage the business at AutoZone. He has proven to be a dynamic
agent for positive change in a number of high-caliber organizations, and he
brings a solid background in both marketing and merchandising we're delighted
to have. We also consider his experience in the international arena and
e-commerce to be a great advantage.
"I've worked closely with my successor, John Adams, and Tim Vargo,
AutoZone's president and chief operating officer, in this search. I can
sincerely say that John, Tim and the entire senior management team at AutoZone
are genuinely excited about what Steve will bring to the table," said J.R.
Hyde III, AutoZone's founder. Three board members -- J. R. Hyde III, Edward
Lampert and Andrew McKenna -- comprised AutoZone's CEO search committee.
Odland received his undergraduate degree from the University of Notre Dame
and holds a master's from the Kellogg Graduate School of Management at
Northwestern University.
"The AutoZone story is one of the most compelling in all of retailing.
The opportunity to write the next chapter of that story is one I couldn't pass
up. I've met some tremendous AutoZoners so far and the strength of the
AutoZone culture is very appealing. I'm really looking forward to rolling up
my sleeves and getting to work," Odland said.
John Adams, AutoZone's current chairman and CEO, will turn over the reins
to Odland on January 29.
AutoZone sells auto and light truck parts, chemicals and accessories
through 2,956 AutoZone stores in 42 states plus the District of Columbia in
the U.S. and 13 AutoZone stores in Mexico. AutoZone also sells heavy-duty
truck parts through 49 TruckPro stores in 15 states, and automotive diagnostic
and repair software through ALLDATA. On the web, AutoZone sells diagnostic
and repair information through alldatadiy.com, and auto and light truck parts
through AutoZone.com.
Certain statements contained in this press release are forward-looking
statements. These statements discuss, among other things, expected growth,
domestic and international development and expansion strategy, business
strategies and future performance. These forward-looking statements are
subject to risks, uncertainties and assumptions, including without limitation,
competition, product demand, domestic and international economies, government
approvals, inflation, the ability to hire and retain qualified employees,
consumer debt levels and the weather. Actual results may materially differ
from anticipated results. Please refer to the Risk Factors section of Form
10-K for the year ended August 26, 2000, for more details.
SOURCE AutoZone, Inc.
CONTACT: media, Andrew Burns, 901-495-7313, or financial, Emma Jo
Kauffman, 901-495-7005, both of AutoZone, Inc./