LKQ Corp’s board of directors has unanimously selected Dominick P. Zarcone, current LKQ chief financial officer, to become the new president and CEO. The Chicago-based company is parent of RV industry distributor NTP-STAG.
According to a press release, Robert L. Wagman announced his intention to step down from the positions of president and CEO due to health considerations. In addition, Joseph M. Holsten, LKQ’s current chairman of the board and former CEO, was appointed as executive chairman.
Wagman will remain with the company on a part-time consulting basis, and LKQ will immediately begin a process to fill the position of CFO as a result of Zarcone’s promotion. Zarcone will be included in the slate of nominees for election as a member of the LKQ board at the annual meeting of stockholders in May 2017; Wagman will not be standing for re-election to the Board.
Zarcone joined LKQ in March 2015 after having advised the company on numerous financing and acquisition transactions starting with LKQ’s initial public offering in 2003. Prior to joining LKQ, Zarcone was with the financial services firm of Robert W. Baird serving as its managing director and CFO from 2011 to 2015. Prior to being named CFO of Baird, Zarcone spent 16 years in Baird’s Investment banking department, serving as COO from 2006 to 2011.
Wagman joined LKQ in 1998. During his tenure, he has held several executive management positions, including CEO since 2011. Holsten served as LKQ’s CEO from 1998 to 2011 and has served as chairman of the board since 2012. All three executives have worked closely over many years leading LKQ and will continue to do so to “ensure a smooth leadership transition,” the release stated.