Advance Auto Parts to add 3 new directors after Dan Loeb's firm takes stake

Core Insights - Advance Auto Parts is appointing three new board members to enhance its automotive supply chain and merchandising expertise following investments from hedge funds Third Point LLC and Saddle Point Management [1][3] - The board refreshment occurs six months after the appointment of Shane O'Kelly as CEO, who is tasked with turning around the company after a significant decline in stock price and a downgrade of its debt to "junk" status by S&P Global Ratings [1][3] - The company is also in the process of selling Worldpac, a wholesale distributor of automotive parts acquired in 2014, as part of its turnaround strategy [3] Board Changes - New board members include Brent Windom, former CEO of Uni-Select; Gregory Smith, executive vice president at Medtronic; and Thomas Seboldt, who has extensive experience at O'Reilly Automotive [3] - The current board consists of nine members, and the addition of these executives aims to strengthen the company's governance and strategic direction [1] Activist Investors - Third Point and Saddle Point have acquired under 5% beneficial ownership in Advance Auto Parts and are the first activist investors the company has faced since Starboard Value [4][6] - The involvement of these hedge funds indicates a push for changes in the company's strategy and operations, following a history of activist engagement in other companies by Third Point's Daniel Loeb [6]