Chicago – Varun Laroyia Appointed Chief Govt Officer and Managing Director of LKQ Europe; Rick Galloway Appointed Senior Vice President and Chief Monetary Officer of LKQ.
LKQ Company (Nasdaq: LKQ), a number one supplier of different and specialty components to restore and decorate cars and different autos, right now introduced the next management appointments, efficient instantly:
Varun Laroyia, Govt Vice President and Chief Monetary Officer, has been appointed as Chief Govt Officer and Managing Director of LKQ Europe. Mr. Laroyia succeeds Arnd Franz, who’s leaving the Firm to hitch Mahle Group (“Mahle”) as its Chief Govt Officer, the place he spent 18 years previous to becoming a member of LKQ Europe.
Rick Galloway, Chief Monetary Officer of LKQ’s Wholesale – North America and Self Service segments, has been appointed as LKQ’s Senior Vice President and Chief Monetary Officer.
“Varun has been a driving pressure and passionate change agent for LKQ the previous 5 years,” acknowledged Dominick Zarcone, President and Chief Govt Officer. “Along with his super management and information of the Firm and our European markets, I’m thrilled that Varun is taking this function. Varun has been my trusted accomplice within the transformation of LKQ. He has introduced super focus to our operational excellence program, establishing vital efficiency metrics and evaluations, dramatically bettering our working capital effectivity and money stream, rigorously reviewing our portfolio of companies, and thoughtfully driving capital allocation selections. This expertise and his strategic imaginative and prescient will play a important function in taking LKQ Europe to a good greater degree of success. Importantly, this management transition comes at a time when the European enterprise is on monitor to ship on its long-term operational and monetary targets.”
Mr. Laroyia commented, “I’m excited by the chance to tackle the function of CEO of LKQ Europe and lead the biggest distributor of automotive mechanical components in Europe. I stay up for working with all our key stakeholders, together with our clients, vendor companions, and gifted crew throughout Europe, to speed up progress on the super alternatives that exist inside our European enterprise. My priorities will likely be to deepen our aggressive place, develop the enterprise sooner than the market, proceed the earnings momentum, and generate free money stream.”
“Rick has been a key contributor to the achievement of the record-level EBITDA margins in our Wholesale – North America and Self Service segments the previous few years, having generated important operational and monetary efficiencies,” mentioned Mr. Zarcone. “He’s a pure match and can present continuity as we execute on our strategic priorities to ship worth for our stockholders. We imagine Rick’s wealth of operational expertise and clear understanding of our returns-focused technique will serve LKQ effectively.”
“It’s an honor to tackle this new place at an vital time for the Firm,” commented Mr. Galloway. “LKQ is effectively positioned for long run success, and I stay up for driving our monetary and strategic initiatives, in addition to persevering with to execute on our balanced capital allocation technique, alongside our excellent finance group.”
“Varun and Rick’s appointments are a testomony to the power of our administration crew and our concentrate on expertise improvement and succession planning. On behalf of the Board and our broader management crew, I wish to thank Arnd for his dedication and dedication to LKQ. We want him success in his new function with Mahle, which continues to be a key provide accomplice to our European operation,” Mr. Zarcone concluded.
About Varun Laroyia
Mr. Laroyia has served as Govt Vice President and Chief Monetary Officer of LKQ since 2017. Previous to becoming a member of the Firm, he served because the Chief Monetary Officer of CBRE’s International Office Options (GWS) enterprise, following CBRE’s acquisition of the GWS enterprise from Johnson Controls Inc. (“JCI”), the place he held varied positions together with Chief Monetary Officer and Vice President of Info Know-how. Mr. Laroyia additionally beforehand served in varied roles at Gateway, Normal Electrical and KPMG in Europe and North America. He’s an impartial member of the Board of Administrators of Univar Options, Inc.
About Rick Galloway
Mr. Galloway has served as Chief Monetary Officer of LKQ’s Wholesale – North America and Self Service segments since 2019. Previous to becoming a member of LKQ, Mr. Galloway held varied positions at Alcoa Company from 2010 to 2019, together with Chief Monetary Officer of Alcoa’s Engineered Merchandise and Options division, a enterprise that consisted of 97 manufacturing services throughout the globe. Mr. Galloway started his profession in public accounting with Grant Thornton as an auditor with shoppers in varied industries, together with manufacturing, oil and fuel, non-profit, and authorities.
About LKQ Company
LKQ Company (www.lkqcorp.com) is a number one supplier of different and specialty components to restore and decorate cars and different autos. LKQ has operations in North America, Europe and Taiwan. LKQ affords its clients a broad vary of OEM recycled and aftermarket components, alternative programs, elements, gear, and providers to restore and decorate cars, vehicles, and leisure and efficiency autos.
About LKQ Europe
LKQ Europe, a subsidiary of LKQ Company, with its head workplace in Zug, Switzerland, is the main distributor of automotive aftermarket components for automobiles, industrial vans, and industrial autos in Europe. It presently employs roughly 26,000 folks with a community of greater than 1,000 branches and roughly $6.1 billion in income in 2021. The group provides greater than 100,000 impartial workshops in over 20 European international locations.
The group contains Euro Automobile Components, LKQ Fource, RHIAG Group, Elit, LKQ CZ, and STAHLGRUBER Group, in addition to recycling specialist, Atracco. LKQ additionally holds a minority curiosity in MEKO Group.
Ahead Wanting Statements
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Investor Relations Contact
Joseph P. Boutross
Vice President, Investor Relations
T +1 312 621-2793
E [email protected]
LKQ Europe GmbH