Year-over-year sales and profit continued to slide at MRO supplies distributor Motion, though not as much as in 1Q.
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Motion continued to see sales growth and strong renewal rates with corporate account customers, which comprise about 45% of business.
James Howe, previously EVP, CCO and CTO, was promoted to President of power transmission and MRO supplies distributor Motion.
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Sales for Genuine Parts Company's industrial segment were $2.2 billion, up 0.6% from the same period in 2022.
The industrial parts distributor's profit margin grew 190 bps year-over-year despite sales growth that was less than half that of 1Q.
Atlanta-based Genuine Parts Company's board appointed Darren Rebelez as a new independent director. GPC is the parent company of Motion.
Current U.S. Automotive Group President Kevin Herron will retire at the end of 2023 after 34 years with the company.
Joe Limbaugh has been with Motion for nearly 40 years while James Howe recently celebrated 30 years with the MRO parts distributor.
Cummings takes over as CFO after Motion's previous CFO, Greg Cook, moved to Genuine Parts Company's U.S. Automotive Group.
Motion, Genuine Parts Company's industrial segment, achieved sales of $2.3 billion in 2023's first quarter.
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