ATLANTA -- The board of directors for Genuine Parts Co. (GPC) yesterday announced the election of President and CEO Thomas Gallagher to the additional position of chairman of the board.

Current chairman Larry Prince said he plans to retire from day to day activities and management at GPC on March 31. Prince said Gallagher is the right choice to succeed him.

"Tom is known and held in high esteem by all constituencies of our company, including our employees, customers and shareholders," said Prince. "He has been a member of the GPC team for 34 years, and for 15 of those he served as president and COO prior to his election to CEO last year. There is no person more ideally suited to lead Genuine Parts Company in the coming years and we have pride and confidence in this important development."

Prince added, "It will be my privilege to continue to serve as a director on the GPC board and chairman of the executive committee. It has been an honor to be part of this splendid organization for 46 years and my interest will always be directed toward the success and well being of GPC."

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