Pep Boys president and CEO resigns, effective immediately

Philadelphia -- In a surprise announcement, The Pep Boys - Manny, Moe & Jack said that its president, CEO and director Mike Odell has resigned. Director John Sweetwood was named interim CEO, effective immediately, while the company searches for a permanent CEO.



The departure of Odell, who was appointed CEO of Pep Boys in fall 2008, comes weeks after the auto-parts and service company reported a loss for the second quarter, which it credited to declines in its tire and do-it-yourself segments.



Pep Boys’ general counsel, Brian Zuckerman, alluded to the company’s recent results in a a report by the Associated Press, saying that while Odell had accomplished a lot during his time as CEO, recent results were disappointing.



"Essentially the board and Mike just determined that change would be in the best interest at this time," he said.



Interim CEO Sweetwood has served on Pep Boys’ board of directors since 2002 and is currently the president of Woods Investment, a private real estate investment firm. He is the former president of the Americas Six Continents Hotels (currently Intercontinental Hotel Group) that operates hotels under the InterContinental, Crown Plaza, Holiday Inn and other brands.