05:30 PM EDT, 03/11/2024 (MT Newswires) -- Advance Auto Parts ( AAP ) has a cooperation agreement with activist investors Third Point and Saddle Point Management, and three new independent directors were named to the board.

A. Brent Windom, Gregory Smith and Thomas Seboldt were appointed as independent directors to the board, the company said late Monday in a statement.

Advance Auto Parts ( AAP ) shareholder Legion Partners expressed its backing for the appointments, according to the statement.

Windom was previously chief executive officer of Uni-Select. Smith is executive vice president, global operation and supply chain, of Medtronic. Seboldt had several roles at O'Reilly Automotive.

"With fresh perspectives in the C-suite and board room and a long runway for growth, we believe Advance is well positioned to create meaningful value for shareholders," Third Point Chief Executive Officer Dan Loeb said in the statement.

Advance Auto Parts ( AAP ) shares rose 1.8% in after-hours trading.

Price: 77.10, Change: +1.33, Percent Change: +1.76