AutoZone has announced that J. R. “Pitt” Hyde III, a director and the founder of AutoZone, will not stand for re-election to the company’s board of directors and will retire from the board in December.

Hyde was CEO of a Memphis-based wholesale grocery company known as Malone & Hyde when he and the management team started in the auto parts business. First known as Auto Shack, the company opened its first store in Forrest City, Arkansas, on July 4, 1979. The name was changed to AutoZone in 1987.

“Words cannot express the gratitude I have for Pitt and his vision to create this amazing organization,” said Bill Rhodes, chairman, president and CEO, Customer Satisfaction. “With nearly 40 years of leading AutoZone, Pitt’s presence will always remain with our company. From his development of our unique and powerful culture, to his leadership, to teaching us to give back to the city where we live, work and play. We wish Pitt and his wife, Barbara, all the best and we thank both of them for their passionate guidance of AutoZone and philanthropy to Memphis and beyond.”