PHILADELPHIA (Jan. 17, 2008) — Pep Boys—Manny, Moe & Jack's chief financial officer will leave the automotive retail chain to “pursue other business interests.”
CFO Harry Yanowitz plans to continue his duties until the firm's fiscal 2007 financial statements are complete. He also plans to help Pep Boys search for his replacement.
Pep Boys had recently outlined a long-term strategic plan as part of an effort to refocus its business model and stem losses.
“With the initial steps in the execution of that plan successfully under way, I believe that the timing is now right for me to pursue other long-held interests,” Mr. Yanowitz said in a Pep Boys statement.
The Philadelphia-based chain in the third quarter reported a 2.8-percent drop in sales to $535.4 million as well as a deeper net loss of $21.7 million vs. $10.7 million in the prior period.
Pep Boys operates more than 560 stores in 35 states and Puerto Rico.