Monro, Inc. Appoints John L. Auerbach and Lindsay N. Hyde to Board of Directors, and Announces Corporate Name Change
August 21 2017 - 7:30AM
Monro, Inc. (Nasdaq:MNRO), a leading provider of automotive
undercar repair and tire services, today announced the appointment
of John L. Auerbach and Lindsay N. Hyde to its Board of Directors,
effective August 15, 2017.
John L. Auerbach, 39, brings extensive knowledge
and operational experience in digital marketing and eCommerce to
Monro, having served in a number of leadership and advisory roles
for retail and eCommerce companies. Mr. Auerbach is the Founder and
Chairman of Eloquii, a digitally-native direct to consumer women’s
fashion brand. For the past five years, he has also been a partner
of Auerbach Advisers, a digital advisory firm focused on retail
clients. Mr. Auerbach previously served as the Senior Vice
President of Digital & Global eCommerce of Kate Spade &
Company. In addition, from 2012 to 2016, Mr. Auerbach was the
International Managing Director of Digital & eCommerce
Initiatives at Christie’s Inc., where he was responsible for
launching the company’s eCommerce business globally. Prior to
joining Christie’s, Mr. Auerbach served as a member of the founding
team of Gilt Groupe and the President of Gilt’s men’s business. Mr.
Auerbach holds a B.A. from Duke University and an M.B.A from the
Columbia Business School.
Lindsay N. Hyde, 35, brings significant
experience in service delivery, an entrepreneurial approach and
strong commitment to community engagement to Monro. She is the
Founder and Chief Executive Officer of Baroo, a provider of
pet-related amenities in multifamily communities in large urban
markets across the U.S. Prior to founding Baroo, she was the
Founder of Strong Women, Strong Girls, a nationally recognized
mentoring organization, serving as Executive Director from 2004 to
2012. Ms. Hyde has also served as an Elected Director of the
Harvard Alumni Association and as a director of Coca-Cola Scholars
Alumni Foundation, and currently serves as a Global Shaper with the
World Economic Forum. Ms. Hyde holds a B.A. from Harvard University
and an M.B.A from the Harvard Business School.
Both Mr. Auerbach and Ms. Hyde were appointed to
the Company’s Board of Directors as Class 1 Directors, all of whom
will be up for re-election by the Company’s shareholders at the
next annual meeting in August 2018. In addition, Mr. Auerbach and
Ms. Hyde were both determined by the Company’s Board of Directors
to be independent within the meaning of the independent director
standards of the Securities and Exchange Commission and the Nasdaq
Stock Market, Inc.
Robert Mellor, the Company’s Independent
Chairman, stated, “We are pleased to have John and Lindsay join our
Board of Directors. With John’s digital marketing and eCommerce
expertise and Lindsay’s recognized expertise in service delivery,
their experience and insights will be invaluable in guiding our
Company as we continue to execute on our long-term strategy and
capitalize on the opportunities we see in the marketplace.”
In addition, at this year's annual meeting of
shareholders, held on August 15, 2017, shareholders approved the
proposal to change the Company's name from Monro Muffler Brake,
Inc. to Monro, Inc. effective immediately. The name change
represents a milestone in the Company’s history, as Monro
celebrates its 60th anniversary and crossed the $1 billion sales
mark for the first time this year. This change reflects the
evolution of Monro’s business model to providing a full range of
high quality automotive services and repairs, as well as tires to a
broad range of customers. The name change will apply to its
corporate entity only and will not affect any of the Company’s
store brand names.
About Monro, Inc.
Headquartered in Rochester, New York, Monro is a
chain of 1,140 Company-operated stores, 106 franchised locations,
five wholesale locations and two retread facilities providing
automotive undercar repair and tire sales and services. The Company
operates in 27 states, serving the Mid-Atlantic and New England
states and portions of the Great Lakes, Midwest and Southeast. The
predecessor to the Company was founded by Charles J. August in 1957
as a Midas Muffler franchise. In 1966, Monro began to diversify
into a full line of undercar repair services. The Company has
experienced significant growth in recent years through acquisitions
and, to a lesser extent, the opening of new construction stores.
The Company went public in 1991 and trades on NASDAQ under the
symbol MNRO.
CONTACT:
John Van Heel
Chief Executive Officer
(585) 647-6400
Brett Ponton
President
(585) 647-6400
Brian D’Ambrosia
Senior Vice President – Finance
Chief Financial Officer
(585) 647-6400
Investors and Media: Effie Veres
FTI Consulting
(212) 850-5600
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