POMONA, Calif., March 27, 2006 (PRIMEZONE) -- Keystone Automotive Industries, Inc. (Nasdaq:KEYS) today announced the appointment of Jeffrey T. Gray as chief financial officer, effective April 3, 2006, succeeding John M. Palumbo who recently resigned the position.
Mr. Gray, 41, most recently served as executive vice president and chief financial officer of Advance Auto Parts (NYSE:AAP). During his eleven-year tenure with Advance Auto, Mr. Gray served in both financial and operational positions, including serving as senior vice president and controller and vice president of inventory management. Mr. Gray is a certified public accountant and earned a Bachelor of Science degree in accounting from Virginia Tech.
"In addition to extensive public company financial experience, Jeff Gray is a results-oriented executive with strong leadership and team building skills. His background includes both significant operational and financial experience. We look forward to Jeff's contributions as the company continues its strategic growth and welcome him to the Keystone Team," said Richard Keister, president and chief executive officer of Keystone Automotive Industries.
Commenting on his appointment, Mr. Gray stated, "Keystone Automotive enjoys a solid reputation for quality and brand name recognition throughout the collision repair industry. Aftermarket collision replacement parts are a high quality, cost-savings alternative to OEM parts, offering consumers, insurers, and body shops important alternatives. I look forward to participating in this dynamic industry and contributing to Keystone's continued success."
About Keystone
Keystone Automotive Industries, Inc. distributes its products primarily to collision repair shops through its 136 distribution facilities, of which 22 serve as regional hubs, located in 38 states and Canada. Its product lines consist of automotive body parts, bumpers, and remanufactured alloy wheels, as well as paint and other materials used in repairing a damaged vehicle. These products comprise more than 19,000 stock keeping units that are sold to more than 25,000 repair shops throughout the United States and Canada.
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for certain forward-looking statements. The statements contained in this press release that are not historical facts are forward-looking statements based on the company's current expectations and beliefs concerning future developments and their potential effects on the company. These forward-looking statements involve significant risks and uncertainties (some of which are beyond the control of the company) and are subject to change based upon various factors. Reference is also made to the Cautionary Statements set forth in the company's Form 10-K Annual Report filed with the Securities and Exchange Commission (SEC) in June 2005 and in its Form 10-Qs filed with the SEC thereafter for additional risks and uncertainties facing the company. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as the result of new information, future events or otherwise.