PHILADELPHIA (May 30, 2003) — Pep Boys—Manny, Moe & Jack announced a quarterly dividend payment of 6.75 cents per share.
The dividend, payable July 28, applies to shareholders of record on July 14. The annual dividend of 27 cents per share yields 2.8 percent, the Philadelphia-based automotive service chain said. Pep Boys has paid a cash dividend consistently since 1950.
In other action, the company's board on May 28 named Bernard K. Korman as non-executive chairman of the board. Mr. Korman has been a company director since 1983. He replaces retiring chairman Mitchell Leibovitz, who also had been CEO. In April, Pep Boys named Lawrence Stevenson CEO, effective May 27.
Mr. Korman, 71, is chairman of Philadelphia Health Care Trust, a private foundation. He also is a director for NutriMax Products Inc., The New American High Income Fund Inc., Omega Healthcare Investors Inc., Omega Worldwide Inc. and Kramont Realty Trust.
Pep Boys operates 629 stores in 36 states and Puerto Rico.