PHILADELPHIAMike Odell has resigned as president and CEO of Pep Boys - Manny, Moe & Jack and the company named Director John Sweetwood to replace him as interim CEO.
Neither Pep Boys nor Mr. Odell elaborated on his reasons for resigning. He had been the automotive parts and service retailer's top executive since being named interim CEO himself in April 2008 to replace the then-departing Jeff Rachor. The interim tag was removed in August 2008.
Mr. Odell, 51, joined Pep Boys in September 2007 as executive vice president and COO after 13 years with Sears Holdings Corp., where he had been executive vice president and general manager of Sears Retail & Specialty Stores.
His resignation comes two weeks after Philadelphia-based Pep Boys reported a second-quarter net loss and disclosed plans to close up to 63 Supercenters in a cost-cutting move.
Mr. Sweetwood has been on Pep Boys' board of directors since 2002. He also is president of Woods Investment L.L.C., 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 Robert Hotz, board chairman.
Mr. Sweetwood noted, I look forward to working with management and Pep Boys' 18,000 plus 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 said it intends to conduct a search among internal and external candidates for a permanent CEO.