AutoZone buying back $500M in common stock - - Aftermarket Business - Wholesaler, retailer automotive parts

AutoZone buying back $500M in common stock
Publish date: Sep 29, 2008
Source: Aftermarket Business

AutoZone Inc. is buying back $500 million of its common stock, the company announced Sept. 24.

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The repurchase is part of an aggressive repurchase program by the Memphis-based auto parts retailer that now totals $6.9 billion in share repurchases since 1998.

Repurchasing stock is a common strategy for well-capitalized companies and is a way to boost the company’s earnings per share by reducing the number of outstanding shares.

The company also announced the election of Luis P. Nieto to the company’s board of directors. Nieto is president of consumer foods for ConAgra Foods Inc., one of the largest packaged foods companies in North America.

Also, board members N. Gerry House and Charles M. Elson have said they will not stand for re-election at the company's annual stockholders meeting on Dec. 17.

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Source: Aftermarket Business, 9/29/2008
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