Pep Boys announced this morning CEO Larry Stevenson has resigned. The company indicates Non-executive Chairman Bill Leonard was named interim CEO. The board has appointed a special committee to conduct a search among internal and external candidates for a permanent CEO. Media reports are quickly pointing to hedge funds pressuring the board of directors for new management.
Our thoughts about Pep Boys: The problem goes beyond a management issue
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Mr. Stevenson was the most recent hope, bringing in a management team with sophisticated retail expertise to turn around this struggling retailer. One of Mr. Stevenson’s first
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