LKQ Corporation announced two leadership appointments, effective immediately.
- Varun Laroyia, executive vice president and chief financial officer, has been appointed as chief executive officer and managing director of LKQ Europe. Laroyia succeeds Arnd Franz, who is leaving the Company to join Mahle Group (“Mahle”) as its chief executive officer, where he spent 18 years prior to joining LKQ Europe.
- Rick Galloway, chief financial officer of LKQ’s Wholesale – North America and Self Service segments, has been appointed as LKQ’s senior vice president and chief financial officer.
“Varun has been a driving force and passionate change agent for LKQ the past five years,” said Dominick Zarcone, president and chief executive officer. “With his tremendous leadership and knowledge of the Company and our European markets, I am thrilled that Varun is taking this role. Varun has been my trusted partner in the transformation of LKQ. He has brought tremendous focus to our operational excellence program, establishing important performance metrics and reviews, dramatically improving our working capital efficiency and cash flow, rigorously reviewing our portfolio of businesses, and thoughtfully driving capital allocation decisions. This experience and his strategic vision will play a critical role in taking LKQ Europe to an even higher level of success. Importantly, this leadership transition comes at a time when the European business is on track to deliver on its long-term operational and financial targets.”
“Rick has been a key contributor to the achievement of the record-level EBITDA margins in our Wholesale – North America and Self Service segments the past few years, having generated significant operational and financial efficiencies,” continued Zarcone. “He is a natural fit and will provide continuity as we execute on our strategic priorities to deliver value for our stockholders. We believe Rick’s wealth of operational experience and clear understanding of our returns-focused strategy will serve LKQ well.”
For more information, visit lkqcorp.com