Houston Chronicle – To head off a proxy fight, Pep Boys on Wednesday named a representative of a major shareholder to its board of directors.
The Philadelphia automotive parts and service chain appointed as director Thomas R. Hudson Jr., managing member of Pirate Capital LLC.
Pirate Capital has agreed to withdraw a shareholder proposal to nominate a director to the board. The investment group also agreed to support the re-election of Pep Boys’ 11 directors at the next annual meeting on Oct. 19, which would include Hudson.
Pirate owns a 9.8 percent stake in Pep Boys _ Manny, Moe & Jack , according to a filing with the Securities and Exchange Commission.
