PHILADELPHIA (Jan. 7, 2003)—The board of directors of Pep Boys—Manny, Moe & Jack has formed a search committee to find a replacement for the company's chairman and CEO, Mitchell G. Leibovitz, who announced yesterday that he plans to retire.
The Philadelphia-based company retained, Herbert Mines Associates, an executive search firm, to find a successor to Mr. Leibovitz, 57, who said he'll retire once a new chief executive is appointed. Until then, he will continue in his current positions and assist the board in the succession process “in order to ensure an orderly transition of function and authority,” Pep Boys said.
The chairman of the board's search committee, Bernard J. Korman, said that over the past 24 years “Mitch has been integral to the growth and development of this fine company. His loyal service, leadership and vision have been invaluable to the company, its shareholders and employees….” He added that Mr. Leibovitz has agreed to serve on the board subsequent to his retirement.
“Pep Boys enjoys a number of competitive advantages and is well positioned to reach new levels under the stewardship and leadership of a worthy and suitable successor,” Mr. Korman said.
In regard to his impending retirement, Mr. Leibovitz said: “The time has come for me to pass on the mantel of leadership at this company which I have grown to love. After nearly two decades of significant growth, we have overcome a few challenging years and are strategically well-positioned for continued growth as the economy recovers. I am looking forward to the next phase of my life, which will include more time for family and travel, additional board memberships and selective business opportunities.”
Pep Boys— among the nation's top 10 sellers of replacement tires—operates 629 stores and more than 6,500 service bays in 36 states and Puerto Rico, and also services the commercial auto parts delivery segment of the automotive aftermarket.