Bapcor announces Paul Dumbrell will replace Noel Meehan as CEO

The news: Auto parts supplier Bapcor has announced ex-Total Tools boss Paul Dumbrell as its new CEO after Noel Meehan steps down on 5 February.

The numbers: Meehan will step down from the role for personal and family reasons. He joined Bapcor as chief financial officer in 2020, before stepping into the CEO role in December 2021. Non-executive director Mark Bernhard will takeover as interim CEO until Dunbrell steps in on 1 May. Shares in the company were up 2% to $5.81 in early trading on the ASX.

The context: Bapcor said chair Margie Haseltine will also not seek re-election at the 2024 annual general meeting after eight years on the board. Dumbrell, who was Total Tools CEO for five years, has previously worked for Bapcor as the COO of its specialist wholesale division after the acquisition of Metcash Automotive. Bapcor, which has struggled with tepid profit growth over the last year, this week said its half-year profit is likely to drop by 13%-15% weak retail performance and higher finance costs.