ROCHESTER, NY — Monro Muffler Brake, Inc., a provider of automotive undercar repair and tire services, has announced that its board of directors has declared a three-for-two stock split of the company’s common stock in the form of a 50 percent stock dividend payable to shareholders of record at the close of business on Sept. 21.
The additional shares will be distributed on Oct. 1. Payment for fractional shares will also be distributed on this date. The stock split was subject to shareholder approval of an increase in the number of authorized common shares from 20,000,000 to 45,000,000. Shareholders voted in favor of this increase at the company’s annual shareholders’ meeting on Aug. 21.
Shareholders will receive one additional common share for every two shares held on the record date. Prior to the split Monro had 13,892,168 shares outstanding on Aug. 17. Upon completion of the stock split, Monro will have approximately 20,838,252 shares outstanding.
Monro also announced that Robert Gross, the company’s president and CEO, has been elected as chairman of the board of directors, effective immediately. Gross succeeds Peter Solomon who will remain on the company’s board as a director. Gross will also continue to serve as president and CEO, a position he has held since 1998.
Peter Solomon, director, said, "We are delighted to announce the well-deserved election of Rob Gross as chairman of Monro. In his role as president and CEO, Gross has done an outstanding job of building Monro through a combination of strategic acquisitions and organic growth, while expanding the company’s reputation as a trusted service provider. We are confident that Rob’s election will serve to benefit the long-term growth of the company as well as serve to maximize return on investment for our shareholders."
Gross said, "I thank Peter for his tremendous support, guidance and leadership throughout his tenure as chairman and I look forward to continuing to work with him in his role as director. I appreciate the confidence the board of directors demonstrated in appointing me chairman and am very pleased to take on this additional role with the company. I look forward to continuing our company’s focus on strategic growth and further solidifying our strong market share position."
The board of directors has also elected Elizabeth Wolszon to the board. Wolszon will serve on Monro’s compensation and nominating committees. She replaces Robert Mellor, who resigned from the board in order to devote more time to other professional duties. Wolszon has a distinguished career that spans 30 years and includes leadership positions in marketing and strategic planning.
Her most recent position was senior vice president of marketing, human resources and strategic planning for the Safelite Group, Inc., a provider of auto glass repair and replacement services. Previously, Wolszon was the senior vice president of marketing for Western Auto Supply Co., a retailer and wholesaler of automotive aftermarket products. She began her career at Procter & Gamble before moving to McKinsey & Co. as a consultant.
Gross said, "We thank Mr. Mellor for his distinguished service and we are pleased to add Wolszon to our board. We believe that our company stands to benefit significantly from Wolszon’s extensive professional experience and, in particular, her expertise in marketing and the automotive industry."
