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Advance Auto Parts Hands Director Jim Wade New Contract - cbl
Posted January 25, 2012
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Jimmie L. Wade
By Bill Murphy
ROANOKE, Va. - Advance Auto Parts Inc. has handed director and former President Jimmie L. Wade a new one-year term, automatically renewable for further periods, according to an SEC filing.
The Roanoke-based aftermarket retailer of auto parts and accessories said Wade will receive an annual base salary of $150,000 and restricted stock grants valued at a minimum $100,000. Wade also will be eligible to participate in the company's benefit plans and programs. Wade's agreement, entered into in conjunction with his transition to the role of former president and his continued employment, is effective Jan. 1 and includes severance of $300,000 plus benefits..
Wade, who was named to the company's board last September, joined Advance in February 1994. He served as president from October 1999 through May 2005, and from January 2009 to the present. He has also held other key senior executive roles including those of CFO and executive vice president.
Wade also serves on the board of Lumber Liquidators Holdings Inc. (NYSE: LL) and nonprofit organizations such as the Virginia Tech Alumni Association, the W.E. Skelton 4H Educational Center and Center in the Square.
Advance Auto Parts serves both the do-it-yourself and professional installer markets. It operates at least 3,645 stores in 39 states, Puerto Rico, and the Virgin Islands.
Form 8-K filing: http://tinyurl.com/6ujud6c
Also, at citybizlist see:
Advance Auto Parts Closes $300M Notes Offering
Advance Auto Parts Kissimmee Building Sells for $1.285M
Advance Auto Parts Elects Jim Wade to Board
Advance Auto Parts Celebrates 10 Years of Trading on the New York Stock Exchange
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