Genuine Parts Company announced a series of executive leadership changes on September 9, 2026, as the company prepares to split its automotive and industrial businesses into two separate publicly traded entities.
Court Carruthers, a current member of the Board of Directors, has been appointed Chief Executive Officer-Elect of Genuine Parts Company. He will assume the role of Chief Executive Officer upon the consummation of the planned separation of the company’s Global Automotive and Global Industrial businesses, which is targeted for the first quarter of 2027. Will Stengel, the current Chairman and Chief Executive Officer, will continue to lead the company until the Closing and will then become Chairman and Chief Executive Officer of the new Industrial business, to be named Motion.
In connection with his appointment, Mr. Carruthers entered into an offer letter dated August 28, 2026. As CEO-Elect, he will receive an annual base salary of $1,000,000 and a 2026 annual bonus target of 150% of his base salary, pro-rated to one-third. He will also receive a pro-rated long-term equity incentive grant valued at $6,000,000. Additionally, he will receive two sign-on restricted stock unit grants, each valued at $4,000,000, vesting 100% on the third anniversary of their respective grant dates.
Upon assuming the role of Chief Executive Officer at the Closing, Mr. Carruthers’ annual base salary will increase to $1,200,000, and his long-term incentive target will increase to $7,200,000. He has also entered into a severance agreement and a change in control agreement, with the severance agreement including an additional “Good Reason” trigger in the event the Separation is not consummated.
The company also announced the appointment of Bert Nappier as Chief Operating Officer of Genuine Parts Company, effective September 6, 2026. Mr. Nappier, currently Executive Vice President and Chief Financial Officer, will serve as Executive Vice President, Chief Financial and Operating Officer. His base salary was increased to $800,000, and his 2026 bonus target was set at 100% of his base salary, pro-rated. The target value of his 2027 long-term equity incentive grant was set at $2,500,000.
Separately, James Howe has been appointed President and Chief Operating Officer of Motion, effective September 6, 2026. His base salary was increased to $750,000, and his 2026 bonus target was set at 100% of his base salary, pro-rated. The target value of his 2027 long-term equity incentive grant was set at $2,300,000.
The company also announced that Genuine Parts Company and Motion will host separate investor days in New York City on December 8, 2026, and December 9, 2026, respectively.
