LKQ Corp., the parent company of NTP-Stag, appointed two new independent board directors earlier this month. On Thursday, the company announced two current board members would not stand for re-election and retire when their terms expire. Included in the retiring board directors is former CEO Dominick Zarcone, who retired as CEO in June 2024.
The two new board directors are Sue Gove and Michael Powell. Gove is the founder and president of Excelsior Advisors, LLC, a retail consulting and advisory firm. Powell brings leadership experience from his career at Progressive Corp., among North American’s largest auto insurers. Most recently, he served as claims process general manager.
Board Chairman Guhan Subramanian said, “I am pleased to welcome Sue and Michael to our board, who bring executive experience, as well as an understanding of the automotive industry that complements our board. LKQ is well-positioned to build on the progress we have made through our focus on operational excellence and taking action to simplify, integrate and rationalize our business to drive better returns.”
In addition to the new board members, LKQ Corp. formed a board Finance Committee and entered into a cooperation agreement with investors Ancora Catalyst Institutional, LP, Engine Capital, LP and certain of their affiliates.
LKQ’s Finance Committee will make recommendations on the company’s capital allocation strategy and business portfolio. The committee will be comprised of Gove, Powell and three existing LKQ directors: Andrew Clarke, John Mendel and Xavier Urbain. Clarke will serve as committee chairman.
Zarcone spent nearly a decade with LKQ Corp., joining the company as its chief financial officer in March 2015 and stepping up to be president and CEO in June 2017.
Blythe McGarvie, who has served on the LKQ board since 2012, will also be retiring when her term expires in connection with the company’s 2025 annual meeting.
