LKQ Corporation (LKQ) today announced it appointed Jacob H. Welch of ValueAct Capital to its board of directors, effective August 12, 2020.
“We are delighted to welcome Jake to LKQ’s board. Jake’s investment management track record and public market experience will further complement the diverse skills and experience of our board,” said Joseph M. Holsten, LKQ chairman.
Welch is a partner of ValueAct Capital, which is one of LKQ’s largest stockholders. He previously served as a director of Armstrong Flooring, Inc., where he was a member of the compensation and finance committees. Prior to joining ValueAct Capital Welch worked as an analyst with The Blackstone Group in its private equity division in New York. He has a B.A., cum laude, from Harvard College and is a CFA charterholder.
ValueAct Capital owns approximately 7% of LKQ’s outstanding common stock. In connection with Mr. Welch’s appointment, the Company and ValueAct entered into a Nomination and Cooperation Agreement, which will be filed as part of a Current Report on Form 8-K.