– Joseph M. Holsten Elected Vice Chairman
– Robert L. Wagman Appointed as President and Co-Chief Executive Officer
CHICAGO, Dec. 7, 2010 (GLOBE NEWSWIRE) -- LKQ Corporation (Nasdaq:LKQX) today announced that the Board of Directors elected Joseph M. Holsten to the role of Vice Chairman of the Board. In addition, the Board appointed Robert L. Wagman to the position of President and Co-Chief Executive Officer effective January 1, 2011. Mr. Holsten, who has served as President and Chief Executive Officer since November 1998, will continue to serve as Co-Chief Executive Officer.
In conjunction with the management changes, Mr. Holsten announced his intention to resign from his officer position with the Company on or about December 31, 2011. After his resignation, Mr. Holsten intends to remain actively engaged with the Company as Vice Chairman of the Board and as a consultant regarding operations and corporate strategy.
Commenting on the changes, Donald Flynn, Chairman of LKQ Corporation said, "Having Joe and Rob act as Co-CEO's for the next year and having Joe agree to continue as Vice Chairman thereafter provides for an orderly succession plan and ensures management continuity as we continue to implement our growth and operations strategies."
About LKQ Corporation
LKQ Corporation is the largest nationwide provider of aftermarket collision replacement products, recycled products and refurbished collision replacement products such as wheels, bumper covers and lights. LKQ operates more than 300 facilities offering its customers a broad range of replacement systems, components, and parts to repair automobiles and light, medium and heavy-duty trucks.
Forward Looking Statements
The statements in this press release that are not historical in nature are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These include statements regarding our expectations, beliefs, hopes, intentions or strategies. Forward-looking statements involve risks and uncertainties, some of which are not currently known to us. Actual events or results may differ materially from those expressed or implied in the forward looking statements as a result of various factors. You should not place undue reliance on these forward-looking statements. All of these forward-looking statements are based on our expectations as of the date of this press release. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
CONTACT: LKQ Corporation Sarah Lewensohn, Director, Investor Relations (312) 621-2793