LKQ Ousts CEO Jude, Warns Q3 EPS Will Miss Badly as Europe Crumbles
LKQ is trading near its 52-week low of $21.17 (13% below the low).
Summary
LKQ removed president and CEO Justin Jude, effective immediately, and Europe head Andy Hamilton is also out. The board named Salvatore Abbate, formerly CEO of Vertiv, as president and CEO starting Dec. 15; until then Chairman John Mendel and director Sue Gove run an interim office of the CEO. The shakeup follows a brutal quarter: LKQ pre-announced Q3 adjusted EPS of 47-53 cents versus the 69 cents analysts expected, with European organic parts-and-services revenue down 9.8%, and the company pulled its 2026 guidance. The company hired Alvarez & Marsal to advise on a European operations review focused on customer service, stabilizing operations and cost discipline. Mendel said performance, particularly in Europe, has fallen significantly short of board expectations. Shares fell 18% to $18.45 in premarket trading, near the 52-week low, extending the damage from the July Q2 miss and full-year guidance cut.
At the time of this announcement, LKQ was trading at $18.45 on NASDAQ in the Trade & Services sector, with a market capitalization of approximately $5.7B. The 52-week trading range was $21.17 to $37.13. This news item was assessed with negative market sentiment and an importance score of 9 out of 10. Source: Dow Jones Newswires.