SAN FRANCISCO (MarketWatch) — A group of hedge fund activists led by Barington Capital Group LP won a proxy battle against The Pep Boys — Many, Moe & Jack on Thursday, gaining four director seats on the board of the auto-service chain.
PepBoys announced the date of its annual meeting and said it agreed to appoint four new directors proposed by the Barington group, which owns almost 10% of the company. Pep Boys also agreed to increase the size of its board to 10 directors and make certain amendments to its shareholder rights agreement.
Current director Benjamin Strauss, son of Pep Boys founder Maurice “Moe” Strauss, retired from the board and another director Malcolmn Pryor resigned, Pep Boys added.
James Mitarotonda, chief executive of Barington, has joined the board immediately, along with another candidate James Williams. Alan Bernikow has also been chosen to join the board, Pep Boys said.
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