(By Balachander) Genuine Parts Co. (NYSE: GPC), a distributor of automotive replacement parts, said Chief Financial Officer Jerry Nix plans to retire, effective March 1, 2013.
The Atlanta, Georgia-based company, with 2011 revenue of $12.5 billion, said Carol Yancey will assume the role of CFO upon the retirement of Nix.
Yancey was previously Senior Vice President of Finance and Corporate Secretary of Genuine Parts. Prior to joining Genuine Parts in 1991, Yancey was a manager at Ernst & Young LLP.
Genuine Parts also declared a regular quarterly cash dividend of $0.495 per share on its common stock, payable January 2, 2013 to shareholders of record December 7, 2012.
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The company also distributes industrial replacement parts through its Motion Industries subsidiary. S. P. Richards Co., the Office Products Group, distributes business products. The Electrical/Electronic Group, EIS Inc., distributes electrical and electronic components.
The stock, which has been trading in the 52-week range of $54.10 to $66.50, rose 1.09 percent to trade at $61.00 on Monday.