By Sabela Ojea
AutoZone said Monday that it tapped Philip Daniele as its new chief executive, as William C. Rhodes has been named executive chairman of the group.
The retail company of automotive parts and accessories said its executive changes come as Rhodes decided to relinquish his positions as president and CEO, effective in January of next year.
He headed AutoZone as its CEO for 18 years.
Daniele, the company’s current executive vice present of merchandising, marketing and supply chain, will become a member of the board as he takes over the CEO role in January.
His annual base salary would be increased to $1 million with a bonus target of 130% of base salary as a result of the promotion.
“We knew this day was coming and have been working a very disciplined succession planning process for many years,” lead director Earl Graves said.
Write to Sabela Ojea at [email protected]; @sabelaojeaguix
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