Wednesday, 12 August 2020 21:37

LKQ Corp. Appoints Jacob H. Welch to its Board of Directors

LKQ Corporation announced Aug. 12 it has appointed Jacob H. Welch of ValueAct Capital to its Board of Directors, effective the same day.

“We are delighted to welcome Jake to LKQ’s board," said Joseph M. Holsten, chairman of LKQ Corporation. "Jake’s investment management track record and public market experience will further complement the diverse skills and experience of our board. We look forward to his contributions as we work with management to drive long-term value for all of our stakeholders, including our shareholders."


Welch is a partner of ValueAct Capital, one of LKQ’s largest stockholders. He has previously served as a director of Armstrong Flooring, Inc., where he was a member of the Compensation and Finance committees.


Prior to joining ValueAct Capital in August 2009, Welch worked as an analyst with The Blackstone Group in its private equity division in New York. He has a bachelor of arts, cum laude, from Harvard College and is a CFA charterholder.


“ValueAct Capital invests in great companies navigating changes with the potential for substantial long-term value creation," Welch said. "We have long admired LKQ’s three market-leading businesses and have more recently been encouraged by management and the board’s renewed focus on operational excellence.


"This is a great foundation for continued revenue, profit and cash flow growth in the years ahead," Welch continued. "I have had the chance to meet many members of management and the board and am impressed with their long-term vision for LKQ as the leading parts provider and true partner to its customers. I am excited to join the board and look forward to working collaboratively with management and my fellow board members.” 


ValueAct Capital owns approximately 7% of LKQ's outstanding common stock. In connection with Welch’s appointment, the LKQ and ValueAct entered into a nomination and cooperation agreement, which will be filed as part of a current report on form 8-K.


Source: LKQ

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