The Pep Boys – Manny, Moe & Jack (NYSE: “PBY”), the nation’s leading
automotive aftermarket service and retail chain, announced the
resignation of Chief Financial Officer Ray Arthur in order to pursue
another business opportunity. Mr. Arthur will continue in his duties
until June 29, 2012. The Company has engaged Russell Reynolds to conduct
a national search for Mr. Arthur’s replacement.
President & CEO Mike Odell said, “Ray has built an excellent finance
organization and has been instrumental in solidifying Pep Boys’ future.
Our balance sheet is stronger than it has been in the last decade,
affording us the flexibility to pay down debt and continue our store
growth. We wish Ray the best in his new opportunity.”
Ray remarked, “I am pleased to have had the opportunity to work with
Mike and our dedicated associates in establishing Pep Boys’ vision to be
the automotive solutions provider of choice and bringing the Company
back to sustained profitability.”
About Pep Boys
Since 1921, Pep Boys has been the nation’s leading automotive
aftermarket chain. With more than 7,000 service bays in more than 700
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.
Forward-Looking Statements
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.
