19/09/2022, 8499 characters
CHICAGO (ots) – Varun Laroyia Appointed Chief Executive Officer and Managing Director of LKQ Europe; Appointed Rick Galloway as Senior Vice President and Chief Financial Officer of LKQ
LKQ Corporation (Nasdaq: LKQ), a leading supplier of alternative and specialty parts for the repair and outfitting of automobiles and other vehicles, today announced the following executive appointments, effective immediately:
Varun Laroyia, Executive Vice President and Chief Financial Officer, has been appointed Chief Executive Officer and Managing Director of LKQ Europe. Mr. Laroyia succeeds Arnd Franz, who is leaving the company to join Mahle Group (“Mahle”) as Chief Executive Officer, where he worked for 18 years before joining LKQ Europe.
Rick Galloway, chief financial officer of LKQ’s Wholesale – North America and Self-Service segments, has been appointed senior vice president and chief financial officer of LKQ.
“Varun has been a driving force and passionate change agent for LKQ over the past five years,” said Dominick Zarcone, President and Chief Executive Officer. “I am delighted that Varun is taking on this role with his tremendous leadership and knowledge of the company and our European markets. Varun has been my trusted partner in the transformation of LKQ. He has given tremendous attention to our operational excellence program through key reporting performance measures and reviews, the dramatically improved efficiency of our working capital and cash flow, subjected our business portfolio to rigorous scrutiny and made judicious capital allocation decisions. This experience and strategic vision will play a crucial role in taking LKQ Europe to an even higher level. , this leadership transition comes at a at a time when the European business is on track to achieve its long-term operational and financial goals.”
Mr. Laroyia said: “I am delighted to take on the role of CEO of LKQ Europe, leading the largest distributor of automotive mechanical parts in Europe. I look forward to working with all our key stakeholders, including our customers, supplier partners and our talented… Teams across Europe to capitalize more quickly on the tremendous opportunities that exist in our European business My priorities will be to strengthen our competitive position, grow the business faster relative to the market, continue to generate earnings momentum and free cash flow.”
“Rick has been instrumental in helping us achieve record EBITDA margins in our Wholesale – North America and Self-Service segments over the past several years while delivering significant operational and financial efficiencies,” said Zarcone. “He is a natural fit and will provide continuity as we execute on our strategic priorities to create value for our shareholders. We believe Rick’s rich operating experience and clear understanding of our yield-focused strategy will greatly benefit LKQ.”
“It is an honor to accept this new role at an important time for the company,” said Galloway. “LKQ is well positioned for long-term success and I look forward to advancing our financial and strategic initiatives and continuing to implement our balanced capital allocation strategy along with our excellent financial organization.”
“The appointments of Varun and Rick are a testament to the strength of our management team and our focus on talent development and succession planning. On behalf of the board and our entire leadership team, I would like to thank Arnd Franz for his commitment and dedication to LKQ. We wish him all the best success in his new role at Mahle, which continues to be a key supply partner for our European business,” concludes Dominik Zarcone.
About Varun Laroyia
Varun Laroyia has served as Executive Vice President and Chief Financial Officer of LKQ since 2017. Prior to joining the company, he was Chief Financial Officer of CBRE’s Global Workplace Solutions (GWS) business after CBRE acquired the GWS business from Johnson Controls Inc. (“JCI”), where he held various positions, including Chief Financial Officer and Vice President of Information Technology. Varun Laroyia previously held various positions at Gateway, General Electric and KPMG in Europe and North America. He is an independent director of Univar Solutions, Inc.
About Rick Galloway
Since 2019, Galloway has served as Chief Financial Officer of LKQ’s Wholesale – North America and Self-Service segments. Before joining LKQ, Mr. Galloway held various positions at Alcoa Corporation from 2010 to 2019, including chief financial officer of Alcoa’s Engineered Products and Solutions business, which consisted of 97 manufacturing facilities around the world. Mr. Galloway began his public accounting career at Grant Thornton as a chartered accountant with clients in a variety of industries, including manufacturing, oil and gas, not-for-profit and government.
About LKQ Corporation
LKQ Corporation (www.lkqcorp.com) is a leading supplier of alternative and specialty parts for the repair and aftermarket of cars and other vehicles. LKQ has offices in North America, Europe and Taiwan. LKQ offers its customers a wide range of recycled OEM and aftermarket parts, aftermarket systems, components, equipment and services for the repair and aftermarket of passenger, truck, recreational and high performance vehicles.
About LKQ Europe
Headquartered in Zug, Switzerland, LKQ Europe, a subsidiary of LKQ Corporation, is Europe’s leading parts wholesaler for cars, commercial vehicles and industrial vehicles. It currently employs approximately 26,000 people in a network of more than 1,000 branches with sales of approximately USD 6.1 billion in 2021. The company supplies more than 100,000 independent workshops in more than 20 European countries.
The group includes Euro Car Parts, LKQ Fource, RHIAG Group, Elit, LKQ CZ, the STAHLGRUBER Group and the recycling specialist Atracco. LKQ also holds a minority interest in MEKO Group.
Statements and information in this press release that are not historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and are made pursuant to the safe harbor provisions of that Act.
Forward-looking statements include, among other things, statements about our prospects, predictions, expectations, beliefs, hopes, intentions and strategies. These statements are subject to a number of risks, uncertainties, assumptions and other factors that could cause our actual results, performance or achievements to differ materially. All forward-looking statements are based on information available to us at the time the statements are made. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
You should not place undue reliance on our forward-looking statements. Actual events or results may differ materially from those expressed or implied by the forward-looking statements. The risks, uncertainties, assumptions and other factors that could cause actual events or results to differ from events or results predicted or implied in our forward-looking statements include those discussed in our filings with the SEC documents, including those included under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our annual report on Form 10-K for the year ended December 31, 2021 and in our subsequent years’ quarterly reports on Form 10- Q These reports are available on our Investor Relations website at lkqcorp.com and on the SEC’s website at sec.gov.
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