Genuine Parts CEO Paul Donahue to be replaced by operations head

Reuters
·1-min read

(Reuters) - Automotive and industrial replacement parts provider Genuine Parts' CEO Paul Donahue will step down from his position and will assume the role of executive chairman, the company said in a statement on Monday.

Its current president and COO William P. Stengel will succeed Donahue effective June 3.

Stengel, who joined the company in 2019, previously assumed various executive leadership roles at Home Depot, including president and CEO of its Supply Facilities Maintenance unit.

Earlier in April, the company raised its 2024 profit forecast, hinging on strong demand for parts and improving automotive sales in the United States.

(Reporting by Abhinav Parmar in Bengaluru; Editing by Alan Barona)

  • Up next
  • Up next
  • Up next
  • Up next

Latest stories

  • Singapore Airlines And Two More Top Dividend Stocks On SGX

    In recent times, the Singapore market has shown a steady, flat performance both over the past week and year, with expectations of earnings growth at an annual rate of 9.2% in the coming years. In such a stable market environment, dividend stocks like Singapore Airlines offer potential for consistent returns, making them an attractive option for investors seeking regular income streams.

  • Mapletree Logistics Trust Reports an 8.9% Year-on-Year Fall in DPU: Does the Industrial REIT See a Recovery Soon?

    The logistics REIT is seeing headwinds that caused its distributable income to dip. The post Mapletree Logistics Trust Reports an 8.9% Year-on-Year Fall in DPU: Does the Industrial REIT See a Recovery Soon? appeared first on The Smart Investor.

  • Stock market news today: Dow jumps over 650 points as stock surge caps volatile week on Wall Street

    Investors are looking to the Fed-favored inflation data to calibrate the timing and depth of rate cuts.

  • iFAST Corporation Hikes its 2Q 2024 Dividend by 36%: Can the Fintech Continue Raising its Dividends?

    The group released a sparkling set of earnings for the quarter which saw its assets under administration hit a new record. The post iFAST Corporation Hikes its 2Q 2024 Dividend by 36%: Can the Fintech Continue Raising its Dividends? appeared first on The Smart Investor.

  • Fed's preferred inflation gauge shows prices rose at slowest pace since March 2021

    The latest reading on the Fed Reserve's preferred inflation gauge comes just days before the Fed's next policy meeting as investors look for clues on when interest rate cuts might begin.

  • The US economy is pulling off something historic

    The US economy is on the verge of an extremely rare achievement.

  • Fed seen holding rates steady in July, start cuts in Sept

    Before the data, traders had priced in about a 9% chance of a rate cut when the Fed meets next week, but knocked that down to under 7% after a government report showed the economy grew at a 2.8% pace last quarter, faster than had been expected and double the pace in the first quarter of the year. The reacceleration "should help temper concerns about the durability of the expansion and quiet chatter that the Federal Reserve needs to cut interest rates in July," wrote Oxford Economics' Ryan Sweet. Traders of futures contracts tied to the Fed policy rate continue to price in quarter-point interest-rate cuts in each of September, November and December, as they also pared bets on a possible bigger rate cut to start the series.

  • Singapore home prices slow, rents fall in cooling market

    Singapore private home prices rose less than estimated and rents edged down in the second quarter, following government efforts to tame the real estate boom.

  • Apple's China smartphone shipments drop 6.7% as Huawei surges, data shows

    BEIJING (Reuters) -Apple's smartphone shipments in China fell by 6.7% in the second quarter of 2024, as the tech giant faced intensifying competition from rivals like Huawei, according to data from market research firm Canalys. Apple's total shipments for the quarter ending in June stood at 9.7 million units, down from 10.4 million units in the same quarter last year, Canalys data shows. In contrast, Huawei's smartphone shipments surged 41% year-on-year to 10.6 milion in the quarter, bolstered by the launch of its new Pura 70 series in April.

  • Google shows investor patience with Big Tech's AI spending might be running short

    Wall Street’s AI optimism shrinks when the main business is under pressure.

  • Charlie Munger Said 'The Point Of Getting Rich Is So You Don't Have To Get Along With Other People' – He Wanted The Independence, Not The Ferraris

    Last year, just months before his passing at 99, legendary investor Charlie Munger sat down for a rare and insightful interview on the Acquired podcast. Munger, best known as Warren Buffett’s right-hand man and the Vice Chairman of Berkshire Hathaway, shared his wisdom on investing, business, and life. Don't Miss: Can you guess how much the average retirement account balance is? Here’s a hint — it’s only slightly more than a year’s worth of expenses. How much money will a $200,000 annuity pay ou

  • The Soaring Yen Is a Big Concern for Markets. Why the Currency Is a Threat to Carry Trade.

    One thing to keep an eye on today is the Japanese yen. After a long period of weakening, driven by the Federal Reserve's reluctance to cut interest rates and the Bank of Japan's reluctance to raise them, the tables have now turned. The yen has strengthened to about 150 against the dollar from more than 160 just two weeks ago.

  • The Most Respected Country in Asia in 2024

    We recently compiled a report on the 15 most respected countries in Asia in 2024 and in this article we will look at the most respected country. Today’s economic and political disruptions frequently position Asia at the forefront, as its economy has officially surpassed any other region in the world, bringing in a new era of […]

  • Time to Buy the Dip on Alphabet Following Earnings?

    Alphabet is a premium asset with growth catalysts trading at a discount valuation

  • Dollar treads water after tame US inflation report, yen rally stalls

    NEW YORK (Reuters) -The dollar ended little changed on Friday, pressured by a fall in Treasury yields after a tame U.S. inflation report that investors said kept the runway for the expected September Federal Reserve easing clear. The Commerce Department's June personal consumption expenditures (PCE) price index nudged up 0.1%, as expected, after being unchanged in May, underscoring an improving inflation environment. Year over year, the PCE price index climbed 2.5% after rising 2.6% in May, also in line with forecasts by economists polled by Reuters.

  • Nvidia Still Has Upside Potential

    The stock has potential, but depends on optimistic growth assumptions and sustained capex

  • The lower the AI exposure, the bigger the problem for Europe's chip firms

    Shares in European semiconductor firms less exposed to AI chips slumped on Thursday as falling demand from their key automotive and industrial clients hit business prospects, on top of a wider sector correction. Chip component suppliers like ASML and ASM International are more exposed to the booming AI chip market and demand from high-end tech clients like Nvidia, TSMC, and Intel. "The more high-end applications, linked to AI, those are doing much better," said ING analyst Marc Hesselink.

  • Intel Taps Micron Leader To Strengthen AI Chip Strategy

    Intel Corp (NASDAQ:INTC) tapped Dr. Naga Chandrasekaran of Micron Technology, Inc (NASDAQ:MU) as chief global operations officer, executive vice president and general manager of Intel Foundry Manufacturing and Supply Chain organization, effective August 12. Chandrasekaran, an Oklahoma State University, University of California, Berkeley, and University of California, Los Angeles alumni, served as Micron’s senior vice president for Technology Development. Chandrasekaran took over from Keyvan Esfa

  • Tesla’s Share Price Rebounded By 56%: Should Investors Jump In or Stay Clear?

    2024 has been a rollercoaster ride for Tesla. With its share prices rebounding 55.6% from its 52-week low, has Tesla broken free from its slump? The post Tesla’s Share Price Rebounded By 56%: Should Investors Jump In or Stay Clear? appeared first on The Smart Investor.

  • July 2024 Insights Into Three SGX Stocks Estimated To Be Undervalued

    As of July 2024, the Singapore stock market continues to navigate through a complex economic landscape, marked by cautious optimism among investors. This environment sets the stage for identifying potentially undervalued stocks that may offer attractive opportunities for those looking to diversify their portfolios in line with current market conditions.