Temple Sloan III
About O. Temple Sloan III
Age 65; independent director of First Bancorp (FBNC) since 2015. Former Chief Executive Officer and President of General Parts, Inc. (CARQUEST/WORLDPAC); currently a director and audit committee chairman of Golden Corral Corporation; previously a director of Advance Auto Parts, Inc. and Car Care Council; current member of the University of North Carolina Board of Governors; former trustee of Northwood University. Beneficial ownership: 15,597 FBNC shares (less than 1% of outstanding) as of December 31, 2024 .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| General Parts, Inc. (CARQUEST/WORLDPAC) | President | 2001–2008 | Largest privately owned U.S. auto parts supplier (3,100+ CARQUEST stores; 80+ WORLDPAC branches) . |
| General Parts, Inc. (CARQUEST/WORLDPAC) | President & CEO | 2008–2014 | Led until acquisition by Advance Auto Parts . |
External Roles
| Organization | Role | Status |
|---|---|---|
| Golden Corral Corporation | Director; Audit Committee Chairman | Current . |
| Advance Auto Parts, Inc. | Director | Former . |
| Car Care Council | Director | Former . |
| University of North Carolina | Board of Governors Member | Current . |
| Northwood University | Board of Trustees Member | Former . |
Board Governance
- Independence: Member of the Audit and Compensation Committees; all members of these committees are independent under NASDAQ and Exchange Act rules (supports Sloan’s independence) .
- Committee assignments (2024): Executive & Loan, Audit, Compensation, Nominating & Corporate Governance; no Risk Committee assignment; no chair roles in 2024 .
- Attendance: All nominees attended at least 75% of Board and committee meetings; Board held 12 meetings in 2024 .
- Executive sessions: Independent directors held three executive sessions in 2024 .
| Committee | Member | Chair |
|---|---|---|
| Executive & Loan | Yes | No . |
| Audit | Yes | No (Chair: Suzanne S. DeFerie) . |
| Compensation | Yes | No (Chair: James C. Crawford III) . |
| Nominating & Corporate Governance | Yes | No (Chair: James C. Crawford III) . |
| Risk | No | Chair: Richard H. Moore . |
Fixed Compensation (Director)
| Year | Cash Retainer ($) | Stock Awards ($) | Meeting Fees | Notes |
|---|---|---|---|---|
| 2024 | 37,500 | 37,500 | None (no meeting fees) | Additional fees only for Lead Independent Director ($12k) and Audit Chair ($20k); Sloan held neither . |
Performance Compensation (Director)
- No performance-based director compensation disclosed; annual director equity grants are time-based.
| Grant Date | Shares Granted | Grant Value/Share | Total Grant Value |
|---|---|---|---|
| June 1, 2024 | 1,189 | $31.55 | ~$37,500 . |
Other Directorships & Interlocks
- External board roles listed above; no disclosed interlocks creating conflicts with FBNC’s competitors, suppliers, or customers.
- Related-party transaction policy: Board/Audit Committee oversight with annual questionnaires and approval/ratification process; aggregate insider loans outstanding ~$64 million at 12/31/2024, on market terms, none impaired (no Sloan-specific item disclosed) .
Expertise & Qualifications
- 30+ years of commercial leadership; former CEO of GPI/CARQUEST; audit chair experience at Golden Corral; service on UNC Board of Governors. Skillset emphasizes executive decision-making, business oversight, and governance .
Equity Ownership
| Holder | Shares Beneficially Owned | % of Class | Shares Outstanding Reference |
|---|---|---|---|
| O. Temple Sloan III | 15,597 | <1% (as disclosed) | 41,339,783 shares outstanding at 3/7/2025 . |
- Director stock ownership guidelines: minimum holdings equal to 5x cash value of annual director compensation; all current directors/nominees compliant .
- Hedging/pledging: Prohibited (hedging, short sales, and pledging Company stock after policy adoption) .
Governance Assessment
-
Strengths:
- Independent director serving on all key governance committees (Audit, Compensation, Nominating) with documented committee independence .
- Attendance threshold met; Board conducts independent executive sessions .
- Ownership alignment via robust director stock ownership guidelines; compliance confirmed .
- No delinquent Section 16 filings attributed to Sloan; Company noted some late filings in 2024 for others but Sloan not listed .
- Insider trading and award timing policies in place; clawback policy compliant with SEC/NASDAQ rules .
-
Watch items:
- Aggregate insider loan exposure ($64m) is monitored; disclosed as ordinary-course on market terms and not impaired, but magnitude warrants continued oversight (no Sloan-specific item disclosed) .
- No direct disclosure of Sloan’s individual pledged or hedged positions; company-wide prohibition reduces alignment risk .
Overall, Sloan’s broad operating background (GPI/CARQUEST), audit chair experience at Golden Corral, and service on multiple independent FBNC committees support board effectiveness and investor confidence, with no specific conflicts or attendance concerns disclosed .