2/21/2012 8:43 AM ET
(RTTNews) - Automotive and industrial replacement parts distributor Genuine Parts Co. (GPC: News ) Tuesday announced a 10 percent increase in its regular quarterly cash dividend for 2012. The board has increased the cash dividend payable to an annual rate of $1.98 per share compared with the previous dividend of $1.80 per share.
The company noted that the quarterly cash dividend of $0.495 per share, to shareholders of record March 9, 2012, is payable on April 2.
Genuine Parts also said its board has elected Treg Brown to the position of Senior Vice President - Planning and Acquisitions. In addition, the board approved Lee Maher, Executive Vice President of the U.S. Automotive Parts Group, to assume the additional title of Chief Operating Officer of its U.S. Automotive Parts Group.
Tom Gallagher, chairman and chief executive officer of the company stated that Treg Brown has been instrumental in leading the company's acquisition initiatives during his 17 years with the firm.
Lee Maher held various important automotive positions in his 35 years of service with the company. He was the Executive Vice President for the last two years and has been a key member of the executive management team for the Automotive Parts Group. He will continue to report directly to Paul Donahue, president of the company.
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by RTT Staff Writer
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