AutoZone Names New Chairman, Announce Share Buyback

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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