Monro Shares Fall, Fitzsimmons Named CEO as Part of Consulting Engagement With AlixPartners

Dow Jones

Apr 01, 2025

By Josh Beckerman

Shares of auto-service chain Monro declined after it replaced its chief executive.

Monro named Peter Fitzsimmons of AlixPartners as its CEO on Monday as part of a strategic consulting engagement with AlixPartners and its affiliate AP Services LLC.

The stock was down 9% to $14.45 and is down about 42% this year.

Monro said CEO Michael Broderick left the company following the board's determination that a leadership change was necessary.

The company said in January that comparable-store sales decreased 0.8% while gross margins were hurt by higher material costs and an increased level of self-funded promotions to attract value-oriented consumers into stores.

"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," Monro said Monday.

Write to Josh Beckerman at josh.beckerman@wsj.com

(END) Dow Jones Newswires

March 31, 2025 15:32 ET (19:32 GMT)

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