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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