AutoZone (NYSE:AZO) said late Wednesday that its board has authorized the repurchase of an additional $750 million shares of its common stock in connection with its ongoing buyback program.
Including the latest amount, the company said its board has authorized a total of $11.2 billion in AutoZone stock since the program’s inception in 1998.
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“We remain committed to utilizing share repurchases within the bounds of a disciplined capital structure to enhance stockholder returns while maintaining adequate liquidity to execute our plans,” said Bill Giles, AutoZone’s chief financial officer of information technology and store development.
The company is not required to buy all of the shares authorized in the program, and its transactions will be based on market conditions.
The Memphis-based seller of automotive replacement parts and accessories also announced on Wednesday that Theodore Ullyot has decided to not seek re-election to the board of directors at the shareholders meeting in December.
Ullyot, who has been a member since 2006, is leaving due to other business and time commitments, the company said.