LKQ's board of directors ousted President and CEO Justin Jude, appointing Salvatore A. "Sal" Abbate to the position effective Dec. 15. Jude's last day with the company was Oct. 23.
"The board concluded that Sal is the right leader for LKQ at this moment," says John Mendel, chairman. "He is a disciplined operator and people-centered leader who has transformed a complex distribution business, improved margins and created significant value for shareholders. Sal brings the operating rigor, commercial instincts and sense of urgency we need to sharpen execution across our businesses and unlock the full potential of LKQ."
[RELATED: Second quarter brings much needed boost to revenues, orders]
Third-quarter preliminary numbers showed the company saw a year-over-year 5% drop in revenue to $3.32 billion and a parts and services decline of 5.4%. It also notched a net loss of $16-$32 million as the European market, in particular, disappointed with a 9.8% drop in revenue. North America, LKQ says, performed in line with expectations. A full third-quarter report will come later this week.
"LKQ is an exceptional company with unmatched scale, leading market positions and a deep bench of talented people," Abbate says. "There is meaningful opportunity to improve performance and I intend to move quickly."
That starts with listening to customers and teams, Abbate continues, and fostering a strong company culture with disciplined execution and accountability.
"I'm honored to lead LKQ and look forward to working with the board and the team to build a stronger, more profitable company," he says.
