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O'Reilly Automotive Expands Board of Directors, Appoints Fred Whitfield

Strategic Insights

— 1 min read

O'Reilly Automotive, Inc., a leading retailer in the automotive aftermarket industry, has increased its Board of Directors from nine to 10 members by appointing Fred Whitfield, a seasoned executive with extensive expertise in areas of the law, brand management, business development, and diversity and inclusion. Whitfield joins the Board as an independent director, bringing with him a wealth of experience in business operations, strategy, and governance.

Key Takeaways:

  • The Board of Directors has expanded from nine to 10 members with the appointment of Fred Whitfield, an independent director with expertise in law, brand management, business development, and diversity and inclusion.
  • Whitfield has served as President, Vice Chairman, Alternate Governor and Minority Owner of Hornets Sports & Entertainment since 2018, overseeing business operations and strategy for the Charlotte Hornets and Spectrum Center.
  • The Board's expansion is part of O'Reilly's ongoing focus to bolster the strength and diversity of its Board, providing enhanced governance and oversight to drive long-term profitable growth.
  • Whitfield will receive a pro-rata annual fee and restricted share award consistent with the compensation of independent directors, as outlined in the Company's proxy statement for its 2021 Annual Meeting of Shareholders.
  • The additional $1.5 billion authorization under the share repurchase program will be effective for a three-year period, beginning on November 17, 2021.
  • O'Reilly operates 5,740 stores in 47 U.S. states and 22 stores in Mexico as of September 30, 2021.

Statistics:

  • O'Reilly's Board of Directors has expanded from nine to 10 members.
  • The new Board member, Fred Whitfield, has over 15 years of experience in business operations, strategy, and governance.
  • The Company's share repurchase program has been increased by an additional $1.5 billion, raising the total authorization to $18.75 billion.
  • O'Reilly operates 5,740 stores across 47 U.S. states and 22 stores in Mexico as of September 30, 2021.
  • Whitfield's compensation package includes a pro-rata annual fee and restricted share award consistent with the Company's proxy statement.

Sources:

  • 10-K Filing for O'Reilly Automotive, Inc., dated November 17, 2021, citing Section 5.02 - Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers.
  • Press Release, dated November 17, 2021, filed as Exhibit 99.1, highlighting the appointment of Fred Whitfield to the Board of Directors.
  • Company Website, www.OReillyAuto.com, providing information on O'Reilly's history, store locations, and services.

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