Advance Auto Parts, the only Fortune 500 company based in the Roanoke Valley, is moving its headquarters to Raleigh.

Advance Auto Parts CEO Tom Greco joined North Carolina Governor Roy Cooper for the announcement Wednesday morning.

The Tar Heel State is providing a $10 million economic development incentive package. Advance will create more than 400 jobs in information technology, data analytics, digital marketing and e-commerce, and designate Raleigh as its new headquarters.

"The technology talent here is significant," Greco said in an interview following the announcement.

A spokesman for Advance said the decision will not change day-to-day operations in Roanoke, and does not include any job transfers or layoffs here.

That was some consolation for local leaders who are disappointed to see the headquarters leave.

"Companies have to make decisions that are best for them," said Roanoke Mayor Sherman Lea, "but Advance Auto has been a good friend of this valley and we're pleased that they're still here."

Advance Auto got its start in western Virginia more than 85 years ago. The city and the state did work to retain the headquarters and bring more jobs to the Commonwealth.

But the potential workforce gave Raleigh an advantage.

Beth Doughty is Executive Director of the Roanoke Regional Partnership, an economic development agency.

"They talk about the pool of talent in IT and e-commerce," Doughty told WDBJ7, "and that's a lesson for us, that we need to continue to work on the talent pool here to cultivate, attract and retain talent for our region, because that's the currency of the 21st century."

Advance Auto says it remains committed to western Virginia, and the company has renewed the lease on property near Hershberger Road where the Store Support Center is located.

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Advance Auto Parts is moving its headquarters from Roanoke to Raleigh.

The company confirmed the decision Wednesday morning, saying the change will not affect day-to-day operations in Roanoke.

A spokesperson for Advance Auto said the State of North Carolina is announcing a $10 million economic development grant incentive package. The company has agreed to create "a significant number" of jobs in the Raleigh area, including positions related to IT, data analytics, digital marketing and e-commerce.

As part of the agreement, Advance Auto agreed to designate Raleigh as its corporate headquarters.

Darryl Carr, Advance Auto Parts Director of Communications, said the agreement will not affect day-to-day operations in Roanoke. He said Wednesday's announcement does not include job transfers or layoffs in Roanoke.

This is a developing story.