Genuine Parts (NYSE: GPC) declared a quarterly dividend of $0.6575 per share, or $2.63 annualized. This is a 6.9% increase from the prior dividend of $0.615.

The dividend will be payable on April 1, 2016, to stockholders of record on March 4, 2016, with an ex-dividend date of March 2, 2016.

The annual yield on the dividend is 3 percent.

enuine Parts Company also announced today that its Board of Directors has elected two new corporate officers. Scott W. LeProhon was named Executive Vice President of Global Procurement and Gregory N. Miller was named Senior Vice President and Chief Information Officer. Additionally, the Board elected Charles A. Chesnutt to the position of Senior Vice President and Treasurer, replacing Frank M. Howard, who is retiring from the Company following a successful 38 year career. Finally, the Company's Board has also approved Lee A. Maher as President and Chief Operating Officer of the U.S. Automotive Parts Group.

Mr. LeProhon brings with him 28 years of experience in a variety of key management roles with the Company, most recently serving as Executive Vice President of Merchandising and Product Strategy for the U.S. Automotive Parts Group. Mr. Miller was previously Senior Vice President and Chief Financial Officer for the U.S. Automotive Parts Group, and has been with the Company since 2010. Mr. Chesnutt has been with the Company since 2002, and has held a variety of senior management positions, most recently serving as Senior Vice President of Technology and Chief Information Officer. Mr. Maher, a 38 year veteran of the Company's automotive business, was previously Executive Vice President and Chief Operating Officer of the U.S. Automotive Parts Group.

Tom Gallagher, Chairman and CEO of Genuine Parts Company, stated, "We want to thank Frank Howard for his significant contributions to the Company throughout his long career. He has been an excellent financial executive for us and we wish him the very best in his retirement."

Mr. Gallagher added, "As EVP of Global Procurement, Scott will manage the global vendor relationships across the GPC automotive platform as well as the Company's automotive supply businesses. Greg will lead our corporate-wide IT initiatives and Charlie will head the Company's treasury functions, including its important financing relationships. All three of these talented individuals bring valuable experience and expertise to their new positions. We look forward to their many future contributions."

Mr. Gallagher concluded, "As President of the U.S. Automotive Parts Group, Lee will have responsibility for the U.S. Automotive network of 59 distribution centers and 1,100 company owned stores, and he will lead our ongoing efforts to maximize the growth opportunities across the entire NAPA network. We are pleased to have a proven executive like Lee so uniquely qualified for this important leadership position in our Company. Lee is surrounded by a very talented and capable management team and we are excited for the growth prospects for this business."

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