Pep Boys President & CEO Mike Odell Resigns - Director John Sweetwood Named Interim CEO
PHILADELPHIA – September 26, 2014 – The Pep Boys – Manny, Moe & Jack (NYSE: "PBY"), the nation's leading automotive aftermarket retail and service chain, announced the resignation of President & CEO and Director Mike Odell. Director John Sweetwood was named interim CEO, effective immediately.
Mr. Sweetwood has served on Pep Boys’ Board of Directors since 2002 and is currently the President of Woods Investment, LLC, a private real estate investment firm. Mr. Sweetwood is the former President of the Americas Six Continents Hotels (currently Intercontinental Hotel Group) that operates hotels under the InterContinental, Crown Plaza, Holiday Inn and other brands.
“On behalf of the Board, I want to thank Mike for his contributions during the past seven years and wish him well in his future endeavors,” said Chairman of the Board Robert Hotz.
Mr. Sweetwood noted, “I look forward to working with management and Pep Boys 18,000+ associates in successfully executing Pep Boys’ Road Ahead strategy and in realizing our vision to be the best place to shop and care for your car.”
The Board intends to conduct a search among internal and external candidates for a permanent CEO.
About Pep Boys
Since 1921, Pep Boys has been the nation’s leading automotive aftermarket chain. With over 7,500 service bays in approximately 800 locations in 35 states and Puerto Rico, Pep Boys offers name-brand tires; automotive maintenance and repair; parts and expert advice for the Do-It-Yourselfer; commercial auto parts delivery; and fleet maintenance and repair. Customers can find the nearest location by calling 1-800-PEP-BOYS (1-800-737-2697) 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 words “guidance,” “expect,” “anticipate,” “estimates,” “targets,” “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.