The Pep Boys – Manny, Moe & Jack announced that it has reached an understanding with GAMCO Asset Management Inc., the company’s largest shareholder, to nominate three new directors recommended by GAMCO: Matthew Goldfarb, F. Jack Liebau, Jr. and Bruce M. Lisman.
The GAMCO nominees will be included, together with incumbent directors Robert H. Hotz, James A. Mitarotonda, Robert L. Nardelli, Robert Rosenblatt, Jane Scaccetti, John T. Sweetwood and Andrea M. Weiss, in a supplement to the company’s 2015 proxy statement and submitted for shareholder approval at the 2015 Annual Meeting of Shareholders of Pep Boys to be held on July 10, 2015. Board members M. Shân Atkins and Nick White do not intend to stand for re-election to the board at the 2015 Annual Meeting.
“We are pleased to have reached this understanding with GAMCO, as we believe it is in the best interests of all Pep Boys shareholders to avoid the significant cost and distraction of a proxy contest,” said Chairman Bob Hotz. “I would also like to thank Shân Atkins and Nick White for their tireless service to the board and our shareholders. This is a time of significant opportunity at Pep Boys, and we are confident in our plans to grow the business and deliver a differentiated customer experience. We look forward to the insights and experience that the three new directors will bring to the board as we work together to enhance long-term value for all Pep Boys shareholders.”
Goldfarb joined Cline Mining Corporation in 2013 as a director and chief restructuring officer and currently serves as acting chief executive officer. From 2009 to 2013, he served at Xinergy, Ltd., which he joined as a director and vice chairman and was later appointed chief executive officer. Prior to joining Xinergy, Goldfarb held senior trading and analyst positions at Pali Capital, Inc., The Blackstone Group/GSO Capital Partners, Pirate Capital LLC, and Icahn Associates Corp. He began his career as an associate at the law firm Schulte Roth & Zabel LLP.
Liebau serves on the board of directors of Myers Industries, Inc. He has been in the investment management industry for 30 years. From 2013 to 2015, Liebau was with Alleghany Corporation, the subsidiary managing public equities for Alleghany’s insurance companies. From 2011 to 2013, he was a partner and portfolio manager at Davis Funds. From 2003 to 2011, he ran Liebau Asset Management Company, which he founded. He began his career as a research analyst with The Capital Group in 1984, and from 1986 to 2003 was a partner and portfolio manager at Primecap Management Company.
Lisman serves on the boards of directors of Merchants Bancshares, Inc., Myers Industries, Inc., National Life Group and PC Construction Company. In addition, he serves on the boards of American Forests, Smithsonian Libraries, and the National Gardening Association. Lisman was research director (1984 - 1987) and co-head of the institutional equity division (1987 - 2008) for The Bear Stearns Companies, Inc.
Morgan, Lewis & Bockius LLP served as legal advisor to Pep Boys. For more information about Pep Boys visit http://www.pepboys.com.
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