The Pep Boys – Manny, Moe & Jack (NYSE:PBY),
the nation's leading automotive aftermarket retail and service chain,
today appointed James A. Mitarotonda non-executive Chairman of the Board
of Directors. Mr. Mitarotonda succeeds William Leonard, who resigned
from the Board for personal reasons.
In addition, Interim Chief Executive Officer Michael R. Odell was
appointed to the Board of Directors. Mr. Odell has been serving as Pep
Boys’ Interim CEO since April 23, 2008.
Mr. Mitarotonda said, “I am pleased to accept
the responsibility of chairing the Board as Pep Boys strives to be the
automotive solutions provider of choice for the value-oriented customer.
On behalf of all of our Directors, I also want to welcome Mike Odell to
the boardroom. He and his leadership team have the Board’s
full support. Finally, the Board would like to thank Bill Leonard for
his stewardship of Pep Boys. During his tenure, he has served Pep Boys
faithfully in whatever capacity was needed.”
Mr. Leonard said, “I am grateful for having
had the opportunity to serve Pep Boys over the last six years as a
Director, Interim CEO and Chairman.”
Mr. Mitarotonda, 53, has served on Pep Boys’
Board since August 2006 and is the Chairman of the Board and Chief
Executive Officer of Barington Capital Group, L.P., an investment firm
that he co-founded in 1991. He is also a member of the Board of
Directors of A. Schulman, Inc. and Griffon Corporation. Collectively
with the other members of a Schedule 13D reporting group, Barington is
Pep Boys’ largest shareholder.
Mr. Odell, 45, joined Pep Boys in September 2007 as Executive Vice
President and Chief Operating Officer after spending 13 years at Sears
Holdings Corp. His last position at Sears was as Executive Vice
President and General Manager of Sears Retail & Specialty Stores, a $26
billion business with 1,900 locations.
About Pep Boys
Pep Boys has over 560 stores and approximately 6,000 service bays in 35
states and Puerto Rico. Along with its vehicle repair and maintenance
capabilities, the Company also serves the commercial auto parts delivery
market and is one of the leading sellers of replacement tires in the
United States. Customers can find the nearest location by calling
1-800-PEP-BOYS or by visiting www.pepboys.com.
Certain statements contained herein constitute "forward-looking
statements" within the meaning of The Private Securities Litigation
Reform Act of 1995. The word "guidance," "expect," "anticipate,"
"estimates," "forecasts" and similar expressions are intended to
identify such forward-looking statements. Forward-looking statements
include management's expectations regarding future financial
performance, automotive aftermarket trends, levels of competition,
business development activities, future capital expenditures, financing
sources and availability and the effects of regulation and litigation.
Although the Company believes that the expectations reflected in such
forward-looking statements are based on reasonable assumptions, it can
give no assurance that its expectations will be achieved. The Company's
actual results may differ materially from the results discussed in the
forward-looking statements due to factors beyond the control of the
Company, including the strength of the national and regional economies,
retail and commercial consumers' ability to spend, the health of the
various sectors of the automotive aftermarket, the weather in
geographical regions with a high concentration of the Company's stores,
competitive pricing, the location and number of competitors' stores,
product and labor costs and the additional factors described in the
Company's filings with the SEC. The Company assumes no obligation to
update or supplement forward-looking statements that become untrue
because of subsequent events.
Pep Boys, Philadelphia
Investor Contact:
Ray Arthur,
CFO, 215-430-9720
or
Media Contact:
Alex Spooner,
215-430-9588
