Pep Boys Holds Annual Meeting
June 24 2009 - 10:59AM
Business Wire
The Pep Boys � Manny, Moe & Jack (NYSE:PBY), the nation's
leading automotive aftermarket service and retail chain, today held
its Annual Meeting of Shareholders in Philadelphia.
At the Annual Meeting, shareholders elected the full Board of
Directors, consisting of incumbent Directors Sh�n Atkins, Bob Hotz,
Jim Mitarotonda, Mike Odell, Irv Reid, Jane Scaccetti, John
Sweetwood, Nick White and Jim Williams, plus new nominee Max
Lukens. Shareholders also approved the appointment of the Company�s
independent registered public accounting firm and amendments to the
Company�s Stock Incentive Plan and Annual Bonus Plan. Shareholders
voted down a shareholder proposal regarding reincorporating the
Company in North Dakota. In addition, CEO Mike Odell discussed the
Company�s vision, strategy and current initiatives.
The presentation slides from the Annual Meeting are available on
the Company�s Web site at www.pepboys.com.
Immediately following the Annual Meeting, the Board of Directors
appointed Mr. Lukens chairman of the Board. Mr. Lukens previously
served on Pep Boys� Board of Directors from August 2006 until
October 2007, when he resigned for personal reasons. He was the
president and chief executive officer of Stewart & Stevenson
Services, Inc., a company primarily engaged in the design,
manufacture and service of military tactical vehicles, from March
2004 until May 2006, when the company was sold. At Stewart &
Stevenson, he also served as interim chief executive officer and
president from September 2003 until March 2004, and as chairman of
the board from December 2002 to March 2004. From 1981 until January
2000, Mr. Lukens worked for Baker Hughes Incorporated, an oilfield
services company, in a number of capacities, including chairman of
the board, president and chief executive officer. Mr. Lukens
currently serves as a director on the boards of NCI Building
Systems Inc. and Westlake Chemical Corporation.
Outgoing Chairman James A. Mitarotonda, who continues his
service as a director, commented, �We are excited by the
opportunity to have Max rejoin and lead the Board. He understands
Pep Boys� business and its opportunities and is a significant
shareholder. His experience running companies and chairing boards
will upgrade our Board capabilities and will assist the Board in
operating more effectively to appropriately support and challenge
our senior management team as we pursue our strategic
objectives.�
About Pep Boys
Pep Boys has approximately 6,000 service bays within over 560
retail stores located in 35 states and Puerto Rico. Along with its
full-service vehicle maintenance and repair 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
implementation of its long-term strategic plan, 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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