Pep Boys Board of Directors Reiterates Commitment to Building Shareholder Value; Renews CEO - Appoints Non-Executive Chairman -
February 10 2006 - 8:30AM
Business Wire
The Board of Directors of The Pep Boys - Manny, Moe & Jack
(NYSE: PBY), the nation's leading automotive aftermarket retail and
service chain, today announced a number of actions focused on
continuing to improve the performance of the business and on
building value for shareholders. First, the Board has reiterated
its support for the Company's current operating plan, and for Chief
Executive Officer Larry Stevenson. The Board has extended Mr.
Stevenson's employment, which was scheduled to expire in April, on
terms equivalent to those of agreements in place with the Company's
other executive officers. Mr. Stevenson said, "We have said
consistently that our repositioning and operating turnaround will
take time. Our merchandising initiatives and store refurbishment
program have brought early successes, while our efforts to improve
the service center business have required more time to take hold.
We remain confident that our exceptional team of over 20,000
associates will continue to stay focused on the business during
this time, as we continue to strive to improve Pep Boys'
profitability and positioning in the sector." Second, the Board has
determined to separate the roles of Chairman and CEO, in accordance
with current best practices in corporate governance. Presiding
Director, William Leonard, has been named to the new position of
non-executive Chairman of the Board, effective immediately. Third,
in addition to focusing on achieving superior execution of the
Company's current operating plans, the Board has also engaged
Goldman, Sachs & Co., its long-term financial advisor, to
explore strategic and financial alternatives for the Company. Mr.
Leonard said, "Our objective is to ensure that we are working to
increase shareholder value." About Pep Boys Pep Boys has 593 stores
and more than 6,000 service bays in 36 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 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.
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