ROANOKE (WSLS 10) - Advance Auto Parts announced Thursday that Chief Executive Officer Darren Jackson will retire from the company in early 2016. Â He will also step down from the Board of Directors as well on January 2, 2016 after more than 11 years with the company, the last eight as CEO.
Company President George Sherman will serve in an additional capacity as interim-CEO.  Sherman joined Advance Auto Parts in April 2013 as President.  His corporate biography says he is responsible for "growing the business and driving excellence throughout the Company's operations."
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Board Chairman John Brouillard becomes Executive Chairman. Â In this role, he will provide leadership to the company's Board of Directors as well as serve in an advisory role to Sherman as Advance Auto implements its long term strategy.
The company has also reached an agreement with activist investor Starboard Value LP which holds a 3.7 percent stake in the company.
In the agreement, Starboard appointee Jeffrey Smith will join the company's board, effective immediately, expanding the size from 12 to 13 members.
In addition, Starboard will designate two independent directors to the Board as soon as practical with the company nominating two addition independent directors at its annual meeting in 2016.
As part of the agreement, Starboard will vote all of its shares in favor of the company's nominees.
Shares of the company are trading down more than ten percent in the pre-market trade on this news and earnings that did not meet the company's forecast.