Pep Boys appoints interim CEO with sudden departure of Rachor
Pep Boys–Manny, Moe & Jack has named Mike Odell to replace Jeff Rachor on an interim basis, effective immediately. The move was made after Jeff Rachor resigned to become a principal in an automotive dealership venture.
Odell, 45, joined Pep Boys in September 2007 as executive vice president and chief operating officer after spending 13 years at Sears Holdings Corp. His last position at Sears was executive vice president and general manager of Sears Retail & Specialty Stores, a $26 billion business with 1,900 locations.
"The entire Board is highly confident in Mike's ability to step seamlessly into the role of interim CEO," says Chairman of the Board Bill Leonard. "Mike was instrumental in helping to develop the company's long-term strategic plan, and the board is pleased with the progress the company has made in executing its initial steps.
"Mike's leadership in driving Pep Boys' strategic initiatives and our ongoing return to operational excellence makes him the obvious choice for this position. He is a serious candidate for the permanent chief executive position, and the company has no plans to conduct a search at this time."
Pep Boys also announced that Ray Arthur was named executive vice president and chief financial officer. Arthur, 49, joins Pep Boys after serving as executive vice president and chief financial officer of Toys "R" Us Inc. from 2004 to 2006.