Why Advance Auto Parts Stock Stalled on Friday

A pair of executive resignations led to a mild sell-off in Advance Auto Parts (NYSE: AAP) shares on Friday. The company's stock closed the day 0.5% lower on the news, on investor concern that the company's managerial structure might not be entirely stable. By comparison, the benchmark S&P 500 index landed in positive territory by rising 0.9%.Before market open that day, Advance revealed in a regulatory filing that senior vice president of finance and treasurer Anthony Iskander and chief accounting officer Elizabeth Dreyer had both notified the auto parts retailer of their resignations. Iskander, who served a brief stint as interim CFO late last year, told Advance his resignation will be effective next Friday, Oct. 11. Dreyer will depart sooner; her effective date is Saturday, Oct. 5. She is expected to serve as an advisor to advance through mid-January of next year, in order to help ensure a smooth transition. Current CFO Ryan Grimsland will take on principal accounting officer duties until Dreyer's permanent successor is found.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool