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.