Driven Brands announces appointment of Jose Tomás to Board of Directors

Rhea-AI Summary

Driven Brands (NASDAQ: DRVN) announces the election of Jose Tomás to its Board of Directors, effective July 11, 2022. His addition is significant as it ensures a majority of independent directors within the board, reinforcing the company's commitment to governance. Tomás, who currently serves as Chief Administrative Officer for TelevisaUnivision, brings extensive experience from various leading firms. The board has also restructured its Compensation and Nominating Committees to consist solely of independent directors, with Tomás participating in both.

Positive

• Jose Tomás brings extensive experience in operations, human resources, and corporate governance.
• The board now has a majority of independent directors, enhancing governance.
• Restructuring of key committees to include only independent directors may lead to improved decision-making.

Negative

• None.

Company adds new independent director and announces changes to committee

CHARLOTTE, N.C., July 11, 2022 (GLOBE NEWSWIRE) -- Driven Brands Holdings (NASDAQ: DRVN), today announced the election of Jose Tomás to its Board of Directors, effective July 11, 2022.

“We’re thrilled to have Jose join our Board of Directors,” said Jonathan Fitzpatrick, CEO and President of Driven Brands. “He brings a wide breadth of experience, diverse perspective and keen focus on operations, people and culture that will be invaluable as we continue to grow Driven. His election also marks an important milestone in Driven’s journey as a public company as the majority of our directors are now independent.”

Tomás currently serves as the Chief Administrative Officer for TelevisaUnivision, the world’s leading Spanish language content and media company, where he oversees strategic support areas, including Human Resources; Corporate Communications; Enterprise Technology Services; Facilities/Real Estate; Social Impact; Diversity, Equity and Inclusion; and Corporate Safety, Health and Security. Previously, he was a Principal and Managing Partner at BrandSparc, a global communications, employment branding, and human resources consulting firm. He also led human resources and other strategic functions for General Motors, Anthem, Inc., and Burger King Corporation.

With Tomás’ election, the Board now consists of nine members, with the majority of the Company’s Board of Directors being independent.

In connection with Tomás’ election, the Board also reviewed membership of its committees. The Board changed the composition of the Compensation Committee and Nominating and Corporate Governance Committee to consist solely of independent directors, with Tomas serving on both committees.

Tomás holds a Bachelor’s Degree in Business Administration and a Master’s Degree in Management from Florida International University. He is a former National Board member of the Society for Human Resources Management.

About Driven Brands

Driven Brands™, headquartered in Charlotte, NC, is the largest automotive services company in North America, providing a range of consumer and commercial automotive needs, including paint, collision, glass, vehicle repair, oil change, maintenance and car wash. Driven Brands is the parent company of some of North America’s leading automotive service businesses including Take 5 Oil Change®, Meineke Car Care Centers®, Maaco®, 1-800-Radiator & A/C®, and CARSTAR®. Driven Brands has more than 4,500 locations across 14 countries, and services over 50 million vehicles annually. Driven Brands’ network generates more than $1.6 billion in annual revenue from more than $4.7 billion in system-wide sales.

Contacts           

Shareholder/Analyst inquiries:        
investors@drivenbrands.com

Media inquiries:
Taylor Blanchard
taylor.blanchard@drivenbrands.com
(704) 644-8129 

FAQ

Who is Jose Tomás and what role will he play at Driven Brands?

Jose Tomás has been elected to the Board of Directors and will contribute his expertise in operations and human resources.

What impact does the election of Jose Tomás have on Driven Brands?

His election enhances governance with a majority of independent directors and aims to strengthen overall company strategy.

What changes were made to the board committees at Driven Brands?

The Compensation and Nominating Committees were restructured to consist solely of independent directors.

Why is having independent directors important for Driven Brands?

Independent directors help ensure unbiased oversight and improve corporate governance, which can positively influence shareholder value.