Monro, Inc. Appoints Peter Fitzsimmons as President and Chief Executive Officer
Monro (Nasdaq: MNRO) has appointed Peter Fitzsimmons as President and Chief Executive Officer, effective immediately, replacing Michael Broderick. Fitzsimmons, previously Partner and Managing Director of AlixPartners, brings significant automotive industry experience, including serving as CEO of a large automotive collision repair business where he achieved over 25% sales improvement in 2022.
The appointment comes as part of the Board's strategic decision to improve company performance and enhance shareholder value. Fitzsimmons' mandate focuses on developing and executing a performance improvement plan to enhance operations, drive profitability, and increase operating income and shareholder returns.
The company emphasizes its strong financial position, highlighting consistent cash generation, ample liquidity, and a solid balance sheet. Fitzsimmons' appointment is part of a strategic consulting engagement with AlixPartners, LLP and its affiliate AP Services,
Monro (Nasdaq: MNRO) ha nominato Peter Fitzsimmons come Presidente e Amministratore Delegato, con effetto immediato, sostituendo Michael Broderick. Fitzsimmons, precedentemente Partner e Direttore Generale di AlixPartners, porta con sé una significativa esperienza nel settore automobilistico, avendo ricoperto il ruolo di CEO di una grande azienda di riparazione carrozzeria automobilistica, dove ha ottenuto un miglioramento delle vendite superiore al 25% nel 2022.
La nomina arriva come parte della decisione strategica del Consiglio di migliorare le performance aziendali e aumentare il valore per gli azionisti. Il mandato di Fitzsimmons si concentra sullo sviluppo e l'esecuzione di un piano di miglioramento delle performance per ottimizzare le operazioni, aumentare la redditività e incrementare il reddito operativo e i ritorni per gli azionisti.
L'azienda sottolinea la sua solida posizione finanziaria, evidenziando una generazione di cassa costante, ampia liquidità e un bilancio solido. La nomina di Fitzsimmons fa parte di un impegno di consulenza strategica con AlixPartners, LLP e la sua affiliata AP Services.
Monro (Nasdaq: MNRO) ha nombrado a Peter Fitzsimmons como Presidente y Director Ejecutivo, con efecto inmediato, reemplazando a Michael Broderick. Fitzsimmons, anteriormente Socio y Director General de AlixPartners, aporta una experiencia significativa en la industria automotriz, habiendo sido CEO de una gran empresa de reparación de colisiones automotrices, donde logró una mejora en las ventas de más del 25% en 2022.
La designación se produce como parte de la decisión estratégica de la Junta para mejorar el rendimiento de la empresa y aumentar el valor para los accionistas. El mandato de Fitzsimmons se centra en desarrollar y ejecutar un plan de mejora del rendimiento para optimizar las operaciones, impulsar la rentabilidad y aumentar los ingresos operativos y los retornos para los accionistas.
La empresa enfatiza su sólida posición financiera, destacando la generación constante de efectivo, amplia liquidez y un balance sólido. La nombramiento de Fitzsimmons es parte de un compromiso de consultoría estratégica con AlixPartners, LLP y su afiliada AP Services.
Monro (Nasdaq: MNRO)는 Peter Fitzsimmons을 즉시 효력을 발휘하는 사장 겸 CEO로 임명하여 Michael Broderick를 대체했습니다. Fitzsimmons는 이전에 AlixPartners의 파트너이자 관리 이사로 재직하며, 2022년에 25% 이상의 매출 개선을 달성한 대형 자동차 충돌 수리 사업의 CEO로서 자동차 산업에서 중요한 경험을 쌓았습니다.
이번 임명은 회사의 성과를 개선하고 주주 가치를 높이기 위한 이사회 전략적 결정의 일환으로 이루어졌습니다. Fitzsimmons의 임무는 운영을 개선하고 수익성을 높이며 운영 소득과 주주 수익을 증가시키기 위한 성과 개선 계획을 개발하고 실행하는 데 중점을 두고 있습니다.
회사는 지속적인 현금 생성, 충분한 유동성 및 견고한 재무 상태를 강조합니다. Fitzsimmons의 임명은 AlixPartners, LLP 및 그 계열사 AP Services와의 전략적 컨설팅 계약의 일환입니다.
Monro (Nasdaq: MNRO) a nommé Peter Fitzsimmons en tant que Président et Directeur Général, avec effet immédiat, remplaçant Michael Broderick. Fitzsimmons, anciennement Associé et Directeur Général d'AlixPartners, apporte une expérience significative dans l'industrie automobile, ayant été PDG d'une grande entreprise de réparation de carrosserie automobile où il a réalisé une amélioration des ventes de plus de 25 % en 2022.
Cette nomination s'inscrit dans le cadre de la décision stratégique du Conseil d'améliorer les performances de l'entreprise et d'accroître la valeur pour les actionnaires. Le mandat de Fitzsimmons se concentre sur le développement et l'exécution d'un plan d'amélioration des performances pour optimiser les opérations, accroître la rentabilité et augmenter le revenu d'exploitation ainsi que les rendements pour les actionnaires.
L'entreprise souligne sa solide position financière, mettant en avant une génération de trésorerie constante, une liquidité ample et un bilan solide. La nomination de Fitzsimmons fait partie d'un engagement de conseil stratégique avec AlixPartners, LLP et son affilié AP Services.
Monro (Nasdaq: MNRO) hat Peter Fitzsimmons mit sofortiger Wirkung zum Präsidenten und CEO ernannt und ersetzt damit Michael Broderick. Fitzsimmons, zuvor Partner und Geschäftsführer von AlixPartners, bringt umfangreiche Erfahrungen in der Automobilindustrie mit, darunter die Rolle des CEO eines großen Unternehmens für Karosseriereparaturen, wo er 2022 eine Umsatzsteigerung von über 25% erzielte.
Die Ernennung erfolgt im Rahmen der strategischen Entscheidung des Vorstands, die Unternehmensleistung zu verbessern und den Aktionärswert zu steigern. Fitzsimmons' Mandat konzentriert sich auf die Entwicklung und Umsetzung eines Plans zur Leistungsverbesserung, um die Abläufe zu optimieren, die Rentabilität zu steigern und das Betriebsergebnis sowie die Renditen für die Aktionäre zu erhöhen.
Das Unternehmen betont seine starke finanzielle Position und hebt die konstante Cash-Generierung, die ausreichende Liquidität und die solide Bilanz hervor. Fitzsimmons' Ernennung ist Teil eines strategischen Beratungsvertrags mit AlixPartners, LLP und deren Tochtergesellschaft AP Services.
- Appointment of experienced automotive industry executive with proven 25% sales growth track record
- Strong financial position with consistent cash generation and low leverage
- Clear mandate for performance improvement and value enhancement
- Nationwide presence and strategic relationships remain intact
- Sudden CEO departure indicates potential performance issues
- Need for performance improvement plan suggests current operational challenges
- Engagement of restructuring consultants (AlixPartners) signals significant organizational changes ahead
Fitzsimmons’ mandate is to work with the management team and Board to develop and execute a performance improvement plan to enhance operations, drive profitability, and increase operating income and total shareholder returns.
During his career, Fitzsimmons has served in senior executive roles at clients undertaking significant efforts to improve operations and financial performance. Some of his notable executive experience includes serving as CEO of a large automotive collision repair business, where he drove an over
Chairman of the Board, Robert Mellor said, “The Monro Board and management are taking decisive actions intended to improve the Company’s performance and enhance the value we are delivering to our shareholders today, and over the long-term. As part of this, the Board determined that a change in leadership was necessary, and we are pleased to appoint Peter to lead this critical phase in our evolution, and our next chapter of growth. Peter has a proven track record of success and a mandate to reinvigorate the business and restore operating margins. We are confident that with our consistent cash generation, ample liquidity, solid balance sheet, and our compelling offerings to customers, Monro will achieve its potential as a premier automotive service provider under Peter’s leadership.”
Fitzsimmons said, “Monro has shown impressive durability through business cycles and benefits from a low leverage profile, nation-wide presence and important strategic relationships. I look forward to working with the Board and management team to improve Monro’s performance and unlock its full value.”
Mellor continued, “We appreciate Mike Broderick’s commitment to Monro and thank him for his contributions. We wish him all the best.”
Fitzsimmons has been appointed as President and CEO in connection with, and as part of a strategic consulting engagement with AlixPartners, LLP and its affiliate AP Services, LLC.
About Peter Fitzsimmons
Peter Fitzsimmons is a Partner and Managing Director of AlixPartners, a global consulting firm that specializes in helping businesses address challenges, where he has served in client-focused leadership roles advising companies across a wide range of industries including automotive and industrial, retail, telecom, software, consumer products and financial services. He rejoined AlixPartners in 2020 after spending seven years with Tower Three Partners, an operationally-oriented private equity firm. Fitzsimmons first joined AlixPartners in 1995, and during his career with the firm has served as an advisor, CEO and CFO to clients undertaking significant transformations. He holds a BA from Harvard College and an MBA from the Tuck School of Business at Dartmouth College.
About Monro, Inc.
Monro, Inc. (NASDAQ: MNRO) is one of the nation’s leading automotive service and tire providers, delivering best-in-class auto care to communities across the country, from oil changes, tires and parts installation, to the most complex vehicle repairs. With a growing market share and a focus on sustainable growth, the Company generated almost
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The statements contained in this press release that are not historical facts may contain statements of future expectations and other forward-looking statements made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by such words and phrases as “anticipate,” “could,” “expect,” “intend,” “may,” “potential,” “will,” and other similar words or phrases. Forward-looking statements are subject to risks, uncertainties and other important factors that could cause actual results to differ materially from those expressed. These factors include, but are not necessarily limited to the Company’s ability to improve its performance and shareholder value and other factors set forth elsewhere in the Company’s Securities and Exchange Commission filings, including the Company’s annual report on Form 10-K for the fiscal year ended March 30, 2024. Except as required by law, the Company does not undertake and specifically disclaims any obligation to update any forward-looking statement to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.
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Investors and Media: Felix Veksler
Senior Director, Investor Relations
ir@monro.com
Source: Monro, Inc.
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