Driven Brands appoints Daniel Rivera as new CEO from May 9

CHARLOTTE, N.C. - Driven Brands Holdings Inc. (NASDAQ: DRVN), a leading North American automotive services company with a market capitalization of $2.53 billion and a "Fair" financial health rating according to InvestingPro, announced a leadership transition with Chief Operating Officer Daniel Rivera set to become President and Chief Executive Officer on May 9, 2025. The current President and CEO, Jonathan Fitzpatrick, informed the Board of his decision to step down on Monday, and will assume the role of Non-Executive Chair while continuing to serve as a senior advisor through the end of the year to support the transition.

Rivera, who has been with Driven Brands since October 2012, has progressed through various leadership roles, including President of the Meineke and Take 5 Oil Change brands, before his most recent position as COO. His appointment is the culmination of a multi-year succession planning process by the Board’s Nominating & Corporate Governance Committee.

Peter Swinburn, Chair of the Board’s Nominating & Corporate Governance Committee, expressed confidence in Rivera’s capabilities to lead Driven Brands towards achieving its strategic objectives, citing his significant contributions to the company.

Expressing his gratitude, Fitzpatrick highlighted the growth of the company during his tenure, from $38 million in Adjusted EBITDA in 2012 to over $550 million in 2024, and its successful initial public offering. He praised the team’s commitment and voiced his confidence in Rivera’s leadership for the company’s future.

The transition comes as Driven Brands continues to dominate the automotive services sector in North America, with a portfolio including Take 5 Oil Change, Meineke Car Care Centers, and CARSTAR, among others. The company operates approximately 5,200 locations across 13 countries and services about 70 million vehicles annually, generating $2.33 billion in revenue with an impressive 42.25% gross margin. While currently trading above its Fair Value according to InvestingPro models, analysts maintain optimistic targets ranging from $14.50 to $22 per share. The stock has gained 13.82% over the past year despite a 5.08% decline year-to-date.

As part of the CEO transition, Driven Brands also plans to expand its Board to 11 directors. The company’s forward-looking statements in the press release reflect its strategy and growth prospects amidst a competitive industry landscape. For detailed analysis of DRVN’s growth potential and comprehensive valuation metrics, investors can access the full Research Report available on InvestingPro, which includes expert insights and detailed financial analysis of this automotive services leader.

This leadership change is based on a press release statement from Driven Brands.

In other recent news, Driven Brands Holdings Inc. announced the resignation of Michael Beland, its Chief Accounting Officer, effective January 3, 2025. Beland is leaving to pursue another opportunity, and the company has clarified that his departure is not due to any disagreements over financial reporting or accounting practices. Following Beland’s exit, Michael Diamond, the Executive Vice President and Chief Financial Officer, will take on the role of interim principal accounting officer. Driven Brands has already started the search for Beland’s successor to ensure a smooth transition in its financial leadership. This change was disclosed in a regulatory filing with the Securities and Exchange Commission, emphasizing the company’s commitment to transparency. As the company navigates this change, investors and stakeholders will be observing how Driven Brands maintains its financial reporting standards. The company has reassured that it will continue to uphold accuracy and transparency during this interim period.

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