CEO and Managing Director of LKQ Europe named along with new Senior VP and CFO.
LKQ Corporation (NASDAQ:LKQ) today announced the Varun Laroyia, Executive Vice President and Chief Financial Officer, has been appointed as Chief Executive Officer and Managing Director of LKQ Europe and Rick Galloway, Chief Financial Officer of LKQ’s Wholesale – North America and Self Service segments, has been appointed as LKQ’s Senior Vice President and Chief Financial Officer.
The appointments are effective immediately.
Laroyia succeeds Arnd Franz, who is leaving the Company to join Mahle Group as its Chief Executive Officer, where he spent 18 years prior to joining LKQ Europe.
“Varun has been a driving force and passionate change agent for LKQ the past five years,” stated Dominick Zarcone, President and Chief Executive Officer. “With his tremendous leadership and knowledge of the Company and our European markets, I am thrilled that Varun is taking this role. Varun has been my trusted partner in the transformation of LKQ. He has brought tremendous focus to our operational excellence program, establishing important performance metrics and reviews, dramatically improving our working capital efficiency and cash flow, rigorously reviewing our portfolio of businesses, and thoughtfully driving capital allocation decisions. This experience and his strategic vision will play a critical role in taking LKQ Europe to an even higher level of success. Importantly, this leadership transition comes at a time when the European business is on track to deliver on its long-term operational and financial targets.”
Laroyia commented, “I am excited by the opportunity to take on the role of CEO of LKQ Europe and lead the largest distributor of automotive mechanical parts in Europe. I look forward to working with all our key stakeholders, including our customers, vendor partners, and talented team across Europe, to accelerate progress on the tremendous opportunities that exist within our European business. My priorities will be to deepen our competitive position, grow the business faster than the market, continue the earnings momentum, and generate free cash flow.”
“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 past few years, having generated significant operational and financial efficiencies,” said Zarcone. “He is a natural fit and will provide continuity as we execute on our strategic priorities to deliver value for our stockholders. We believe Rick’s wealth of operational experience and clear understanding of our returns-focused strategy will serve LKQ well.”
“It is an honor to take on this new position at an important time for the Company,” commented Galloway. “LKQ is well positioned for long term success, and I look forward to driving our financial and strategic initiatives, as well as continuing to execute on our balanced capital allocation strategy, alongside our outstanding finance organization.”
“Varun and Rick’s appointments 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 broader leadership team, I want to thank Arnd for his dedication and commitment to LKQ. We wish him success in his new role with Mahle, which continues to be a key supply partner to our European operation,” Mr. Zarcone concluded.