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MEMPHIS, TENN. - For the first time in its 17-year history, AutoZone will have someone other than a member of the founding Hyde family as its chief executive.
At its annual shareholders meeting here last month, AutoZone chairman and ceo J.R. Hyde III announced that he is relinquishing his title as chief executive officer to John Adams, previously vice chairman. Hyde will retain his position as chairman.
Adams will also take over the post of president from Tom Hanneman, who has retired. Previously, he was vice chairman and chief operating officer.
Under the executive reorganization, vice chairman Tim Vargo will become coo.
Dressed in the casual AutoZone uniform of a red sweater, black slacks and white shirt with epaulettes, Hyde said that the changes "secure management structure for the long haul."
At the meeting, which was attended by about 150 shareholders, Hyde said he will step back from day-to-day administration of the chain to focus on visits to the 1,423 AutoZone stores and the development of long-term projects.
International expansion remains an intermediate to long-term proposition, Adams told shareholders. World demographics favor AutoZone's approach to the auto parts market, since "other countries have a lot of old cars and DIY customers." AutoZone has no timetable for expanding outside the United States, but it is "exploring how and when to expand abroad," Adams said.
Domestically, AutoZone continues to pursue its relentless goal of becoming a national auto parts chain. It opened a record 280 stores in fiscal year 1996, ended Aug. 31, or...