Advance Auto Parts Reaches Settlement with Activist Investors for Three Board Seats

Advance Auto Parts settles with activists Third Point and Saddle Point, granting them three board seats. The company’s stock has been declining due to increased costs, leading to a cut in forecast and dividend. New board members appointed and CEO change reflect efforts to navigate challenges. Shares surged by 3.7% following the news. Activists express confidence in the company’s potential for value creation.