Pep Boys CEO Larry Stevenson Resigns; Non-Executive Chairman Bill Leonard Named Interim CEO
July 18 2006 - 7:50AM
Business Wire
The Pep Boys - Manny, Moe & Jack (NYSE: "PBY"), the nation's
leading automotive aftermarket retail and service chain, announced
the resignation of CEO and Director Larry Stevenson. Non-executive
Chairman Bill Leonard was named interim CEO, effective immediately.
Mr. Leonard has served on Pep Boys' Board of Directors since 2002
and as its Chairman since February. From 1992 through his
retirement in 2004, he served as an officer, and ultimately
President & Chief Executive Officer of ARAMARK Corporation. "On
behalf of the Board, I want to thank Larry for his efforts during
the past three and a half years, particularly in strengthening our
management team and improving our retail offering," said Leonard.
He continued, "I look forward to working with our management and
our more than 20,000 associates to realize the potential of the Pep
Boys brand and national footprint." The Board has appointed a
special committee to conduct a search among internal and external
candidates for a permanent CEO. 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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