LKQ Corp (NASDAQ: LKQ) has appointed its Chief Financial Officer, Varun Laroyia, as Chief Executive Officer and Managing Director of LKQ Europe.
He succeeds Arnd Franz, who is leaving the company to join Mahle Group as CEO, where he spent 18 years before joining LKQ Europe. Laroyia has served as EVP and CFO of LKQ since 2017.
Mahle continues to be a key supply partner to LKQ's European operation.
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"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," stated CEO Dominick Zarcone.
The company has picked Rick Galloway, CFO of LKQ's Wholesale - North America and Self Service segments, to assume the company's SVP and CFO roles.
Before joining LKQ, Galloway held various positions at Alcoa Corp (NYSE: AA) from 2010 to 2019.
Price Action: LKQ shares are trading higher by 2.48% at $49.93 on the last check Monday.
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