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AutoZone Names New Chairman, Announce Share Buyback

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Published: Thursday, 7 Jun 2007 | 10:28 AM ET
By: Reuters

AutoZone, the largest U.S. auto parts retail chain, said its board has elected William Rhodes as its new chairman and authorized the repurchase of an additional $500 million of the company's shares.

Rhodes, who is now chairman, president and chief executive of the company, replaces J.R. Hyde as AutoZone's chairman.

Hyde will remain a member of the board, the company said in a statement, late Wednesday.

The Memphis, Tenn. retailer said its ongoing share repurchase program now totals $5.9 billion.

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AutoZone, the largest U.S. auto parts retail chain, said its board elected William Rhodes as its new chairman and authorized the repurchase of an additional $500 million of the company's shares.

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