Monro, Inc. Announces Leadership Transition
August 06 2020 - 7:00AM
Monro, Inc. (Nasdaq: MNRO), a leading provider of automotive
undercar repair and tire services, today announced that Brett
Ponton has resigned as President and Chief Executive Officer of the
Company, effective August 19, 2020, in order to pursue another
opportunity. Ponton also resigned as a member of the Board of
Directors of the Company, effective immediately. Robert Mellor,
Chairman of the Monro Board of Directors has been named Interim
Chief Executive Officer while the Company engages with a leading
executive search firm to identify a successor.
Mellor stated, “On behalf of the Board of
Directors, I would like to thank Brett for his leadership and
contributions to Monro. We have a strong leadership team in place
and a solid foundation to drive a scalable platform for long-term
sustainable growth. We are confident that our firm commitment to
driving the continued execution of our Monro.Forward strategy
combined with our solid balance sheet positions us well to
capitalize on long-term growth opportunities.”
“I am very proud of the progress Monro has made
in its transformational journey and believe our accomplishments
have established a strong and durable platform for future growth.
It has been a pleasure to work with our incredibly talented and
collaborative team and Board. For these reasons and many more,
leaving Monro was an incredibly difficult personal decision. Monro
is a strong business with an outstanding team and winning strategy,
and I am confident the Company will achieve continued success in
the years ahead,” stated Brett Ponton.
Mellor has been Chairman of the Board since 2017
and has served on the Board since 2010. From March 1997 until
January 2010, Mellor was Chairman of the Board and CEO of Building
Materials Holding Corporation, a leading provider of building
materials and construction services to professional home builders
and contractors, and where he had served as a director since 1991.
He also serves as Non-Executive Chairman of the Board of Coeur
Mining, Inc.
As Chairman, Mellor has been closely involved
with the development and execution of the Company’s Monro.Forward
strategy, which focuses on driving operational excellence and
delivering a consistent best-in-class customer experience. To
further support the ongoing rollout of Monro’s strategic
initiatives and to ensure continuity across its business operations
during this period of transition, Mellor will partner with senior
leadership, including Robert Rajkowski, Chief Operating Officer,
Brian D’Ambrosia, Executive Vice President and Chief Financial
Officer and Maureen Mulholland, Senior Vice President, General
Counsel and Secretary.
Leah C. Johnson Appointed to Monro Board of
Directors
The Company also announced today the appointment
of Leah C. Johnson to its Board of Directors, effective
immediately. Johnson, 57, brings extensive knowledge and deep
experience in corporate communications and marketing to the Board.
She has served as Chief Communications and Marketing Officer of
Lincoln Center for the Performing Arts, an internationally renowned
performing arts institution, since July 2019. Previously, she
served as Chief Executive Officer of LCJ Solutions, LLC, a
strategic communications consulting firm that she founded in 2009,
until July 2019. Before that, Ms. Johnson served as Senior Vice
President, Global Corporate Affairs at Citigroup, Inc. and Vice
President of Corporate Communications at S&P Global Ratings
(previously, Standard & Poor’s). Ms. Johnson serves on the
board of directors of Pluralsight, Inc. (Nasdaq: PS). She has been
appointed by Mayor Bill de Blasio to the board of trustees of The
Trust for Cultural Resources of the City of New York. She is a
founding trustee of Pollyanna, Inc. and serves as a trustee of the
Museum of the City of New York and a trustee of New York Public
Radio. She is a mentor with W.O.M.E.N. In America. Ms. Johnson
holds a B.A. from Harvard University.
Johnson was appointed to the Company’s Board of
Directors as a Class 1 Director to fill the current vacancy on the
Board, and will serve until her successor has been elected and
qualified at the 2020 Annual Meeting of Shareholders. Johnson was
determined by the Company’s Board of Directors to be independent
within the meaning of the independent director standards of the
Nasdaq Stock Market, Inc.
Mellor added, “We are pleased to have Leah join
our Board of Directors and are confident that her recognized
expertise in strategic communications and marketing will add
tremendous value to the Company as we continue to execute our
Monro.Forward strategy. Leah’s background undoubtedly strengthens
our Board and reinforces our commitment to driving a diverse
organization, as we leverage her wealth of experience in assisting
other companies and organizations with diversity and inclusion
initiatives.”
About Monro, Inc.
Headquartered in Rochester, New York, Monro is a
chain of 1,244 Company-operated stores, 97 franchised locations,
seven wholesale locations and three retread facilities providing
automotive undercar repair and tire sales and services. The Company
operates in 32 states, serving the MidAtlantic and New England
regions and portions of the Great Lakes, Midwest, Southeast and
Western United States. The predecessor to the Company was founded
by Charles J. August in 1957 as a Midas Muffler franchise. In 1966,
Monro began to diversify into a full line of undercar repair
services. The Company has experienced significant growth in recent
years through acquisitions and, to a lesser extent, the opening of
newly constructed stores. The Company went public in 1991 and
trades on The Nasdaq Stock Market under the symbol MNRO.
CONTACT: |
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Kim Rudd / Tabatha Santiago |
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Executive Assistant |
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(585) 784-3324 |
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Investors and Media: Melanie Dambre / Jamie Baird |
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FTI Consulting |
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(212) 850-5600 |
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