Monro Muffler Brake Inc. is changing its name.
The company, which announced the proposal earlier this year, says shareholders at the annual meeting Aug. 15, 2017, approved the change to Monro Inc., effective immediately.
In a statement, the company said, “The name change represents a milestone in the company’s history, as Monro celebrates its 60th anniversary and crossed the $1 billion sales mark for the first time this year. This change reflects the evolution of Monro’s business model to providing a full range of high quality automotive services and repairs, as well as tires to a broad range of customers.”
The name change will apply to the company’s corporate entity only, and won’t affect the brand names of any of its stores. As of the end of the last fiscal year, on March 25, 2017, Monro had 1,118 company-owned stores, and was franchisor to 113 Car-X stores. (On Aug. 21 the company said it had 1,140 company-owned stores and 106 franchise locations.)
When John Van Heel announced the upcoming name change during a call with investors on May 18, 2017, he said the company believes "simple is better" and that the change reflcts the company's growth since it was founded in 1957. "We look forward to the next 60 years of growth."
At the same shareholders meeting, Monro also appointed two new members to its board of directors, and declared a quarterly cash dividend of $0.18 per share.
The new board members are John Auerbach, 39, founder and chairman of Eloquii, a digitally direct fashion brand for women. Auerbach for the past five years also has been a partner to Auerbach Advisers, a digital advisory firm that focuses on retail customers.
Lindsay Hyde, 35, is the founder and CEO of Baroo, a provider of pet-related amenities in large urban markets in the US. She also founded Strong Women, Strong Girls, a mentoring organization, and served as the organization’s executive director from 2004 to 2012.