Pep Boys Appoints Mike Odell as Interim CEO and Ray Arthur as CFO
April 23 2008 - 8:00AM
Business Wire
The Pep Boys � Manny, Moe & Jack (NYSE: PBY), the nation's
leading automotive aftermarket retail and service chain, today
named Mike Odell, Pep Boys� Chief Operating Officer, as interim
Chief Executive Officer, effective immediately. The move was made
after Jeff Rachor resigned to become a principal in an automotive
dealership venture. Pep Boys also announced that Ray Arthur was
named Executive Vice President � Chief Financial Officer, and is
scheduled to begin on April 28, 2008. Mike 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. Mike initially joined Sears�
finance department in 1994 where he worked until moving over to its
operations team in 1998. There, he served in various positions of
increasing responsibility, including Vice President of Stores,
Finance, and Operations of Sears Automotive Group. �The entire
Board is highly confident in Mike�s ability to step seamlessly into
the role of interim CEO,� said Chairman of the Board Bill Leonard.
�Mike was instrumental in helping to develop the Company�s
long-term strategic plan and the Board is pleased with the progress
the Company has made in executing its initial steps. Mike�s
leadership in driving Pep Boys� strategic initiatives and our
ongoing return to operational excellence makes him the obvious
choice for this position. He is a serious candidate for the
permanent chief executive position and the Company has no plans to
conduct a search at this time. The Board would also like to thank
Jeff for his service to Pep Boys and for his assistance during this
executive transition.� Mike Odell said, �I am excited by the
opportunity to lead Pep Boys� return to prominence. Along with
19,000 dedicated fellow associates, we are committed to achieving
our goals of being the automotive aftermarket solutions provider of
choice for the value-oriented consumer and growing revenue and
profitability in each of our lines of business.� Jeff Rachor
thanked the Board, and all of the associates for the privilege of
working with them in developing and launching the Company�s
long-term strategic plan. �I know that Pep Boys is in extremely
capable hands with Mike,� Jeff Rachor said. Ray Arthur, 49, joins
Pep Boys after serving as Executive Vice President and Chief
Financial Officer of Toys �R� Us Inc, from 2004 to 2006, where he
oversaw its strategic review and restructuring of company-wide
operations, as well as managing the leveraged buy-out of the
company. During his seven-year tenure at Toys �R� Us, Ray also
served as President and Chief Financial Officer of toyrus.com from
2000 to 2003, and as Corporate Controller of Toys �R� Us from 1999
to 2000, with responsibility for all internal and external
financial reporting. Prior to that, he worked in a variety of roles
of increasing responsibility for General Signal, American Home
Products, American Cyanamid and a number of accounting firms. A
certified public accountant, Ray brings more than 25 years of
accounting and finance expertise to Pep Boys. In his role as CFO,
he succeeds Harry Yanowitz, who announced his planned departure in
January to pursue other business interests. �The Board also
welcomes our new CFO, Ray Arthur, to Pep Boys� senior leadership
team and looks forward to benefiting from his strong financial,
operational and information technology expertise, and big-box
retail experience,� Bill Leonard added. 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.
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