Harry Yanowitz, the chief financial officer for Pep Boys Auto Services has announced his departure from the company in order to pursue other business interests. Yanowitz will continue in his duties until such time as the company's financial statements for fiscal 2007 are completed and will assist the company in its search for his replacement.
"Harry has been instrumental in building Pep Boys' potential and strong financial condition," says Jeff Rachor, the company's president and CEO. "He engineered a strong balance sheet, affording us great flexibility to achieve success with our long-term strategic plan. We wish him well in his future endeavors and greatly appreciate his willingness to close out fiscal 2007 and facilitate a smooth transition."
When asked to comment on his departure, Yanowitz remarked: "I am pleased to have had the opportunity to work with Jeff and our new management team in developing Pep Boys' long-term strategic plan. With the initial steps in the execution of that plan successfully underway, I believe that the timing is now right for me to pursue other long-held interests. Pep Boys is well positioned to continue to reduce indebtedness, grow the business and create substantial value for its shareholders."
For more information about the Pep Boys, visit the company's Web site.