© Reuters. FILE PHOTO: The entrance to an AutoZone store is pictured in Temple City, California December 10, 2013. REUTERS/Mario Anzuoni
(Reuters) – AutoZone Inc (NYSE:) CEO Bill Rhodes will step down in January next year after leading the company for more than 18 years, the U.S. car parts retailer said on Monday.
Another company veteran, Philip Daniele, currently vice president of merchandising, marketing and supply chain teams, will succeed Rhodes.
Rhodes will transition to the role of executive chairman.
During his tenure, the company roughly doubled the number of stores and increased revenue by more than three times, AutoZone said, adding the stock price increased by more than 25 times.
Daniele, 54, will take charge when U.S. auto suppliers face higher costs due to elevated material costs and supply chain woes.
In May, AutoZone missed expectations for third-quarter net sales as increased prices of parts led to a rise in inventories.
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