Automotive and industrial parts distributor and retailer Genuine Parts Company (GPC) announced the appointment of two new executives on the company’s board of directors as part of an agreement with Elliott Investment Management — which reportedly became GPC’s largest shareholder upon a more than $1 billion investment.

Joining GPC’s board as independent directors, effective Sept. 4, are:

• Courtney (“Court”) Carruthers, who previously served as president and CEO of packaging distributor TricorBraun, as well as various executive leadership roles at Grainger; and
• Matt Carey, who previously served as EVP of Customer Experience and CIO at The Home Depot after technology leadership roles at eBay and Walmart

Concurrent with those appointments, Robert (“Robin”) Charles Loudermilk, Jr. and John Holder, who served on the board since 2010 and 2011, respectively, retired from the board on Sept. 4. GPC’s board refreshment efforts over the past year have reduced the size of the board and strategically added financial, industry and operational expertise to replace six retiring directors.

GPC said that those board moves are part the company’s “ongoing refreshment program” and part of a deal with Elliott that includes an “information-sharing agreement” that will allow for an ongoing dialogue with the firm.

Will Stengel, GPC president and CEO, added, “This past year has been pivotal for GPC — we have moved with discipline and speed to advance our strategic initiatives despite a dynamic environment. We will continue to evaluate and pursue opportunities that enhance operational performance, improve profitability and unlock shareholder value. I am looking forward to working alongside our board and new directors as we advance this important work.”

Reuters reported Elliott’s investment on Sept. 4, noting that both sides are reviewing GPC’s operations and strategy to improve its profitability and share prices. Reuters said the review does not include an evaluation for a potential sale of GPC.

Genuine Parts Company is the parent company of MRO parts distributor Motion, which frequently appears on MDM’s 2025 Top Distributors Lists, including No. 1 for MRO products. GPC also owns automotive parts distributor/retailer NAPA Auto Parts.

“As one of GPC’s largest investors, we believe the new additions to the board and the ongoing strategic and operational review represent critical steps toward ensuring that GPC reaches its full potential,” Elliott Partner Marc Steinberg said in GPC’s news releease. “We believe the company’s current share price does not reflect the true value of its automotive aftermarket and industrial distribution businesses, and that there is a clear path to creating substantial, long-term value at GPC. We look forward to continuing our constructive engagement with Will Stengel and the Board as GPC enters this next phase of value creation.”

“Court Carruthers and Matt Carey are experienced executives with highly relevant expertise and proven track records of operational and financial success. Each will be immediately additive to our board, as we continue to execute our strategic plan and deliver enhanced value for GPC shareholders,” said Paul Donahue, GPC Non-Executive Chairman. “Today’s announcement and our ongoing refreshment efforts to bring new perspective and expertise to the board further reflect our commitment to advancing GPC’s long-term growth objectives.”