LKQ Ousts President, CEO Jude, Warns of 3Q Shortfall

Dow Jones10-23 20:56

LKQ has parted ways with its president and chief executive, Justin Jude, and launched a review of its European operations following another disappointing quarterly performance.

LKQ on Friday said it expects to report third-quarter adjusted earnings of 47 cents to 53 cents a share, well below the 69 cents a share analysts polled by FactSet were expecting, amid a 9.8% drop in European organic parts-and-services revenue.

Shares of LKQ were recently down 18% to $18.45 in premarket trading.

The Antioch, Tenn., automotive parts-and-services company said it has hired professional services and advisory firm Alvarez & Marsal to advise on its European operations, with an initial focus on improving customer service, stabilizing operations and strengthening performance and cost discipline across the region.

LKQ said Jude, who had been president and CEO since July 2024, has left the company, as has Andy Hamilton, who was president and managing director of LKQ Europe.

Salvatore Abbate, who previously served as CEO of packaging company Vertiv, will join LKQ as president and CEO on Dec. 15, the company said.

Until then, Chairman John Mendel and board member Sue Gove will helm an interim office of the CEO.

"LKQ's performance, particularly in Europe, has fallen significantly short of the board's expectations, and the board is taking decisive action to address it," Mendel said.

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