Monro, Inc. Appoints Auto Industry Veteran Thomas B. Okray to Board of Directors
16 February 2024 - 1:00AM
Business Wire
Monro, Inc. (Nasdaq: MNRO), a leading provider of automotive
undercar repair and tire services, today announced that Thomas B.
Okray has been appointed to the Company’s Board of Directors,
effective immediately. Mr. Okray will serve on the Executive
Committee.
Mr. Okray is a seasoned executive with significant financial and
operational expertise in the auto industry and broader industrials
segment, including a 26-year tenure at General Motors and
subsequent senior finance roles at Amazon.com, Inc., Advance Auto
Parts, Inc. and W.W. Grainger, Inc. He most recently served as
Chief Financial Officer of Eaton Corporation, a global intelligent
power management company.
Robert E. Mellor, Chair of the Board and Nominating and
Corporate Responsibility Committee, said, “Tom’s impressive
background will be a valuable addition to Monro’s Board. Consistent
with ongoing shareholder dialogue, adding his relevant automotive
industry expertise reflects our continued commitment to refreshing
and enhancing the skills and experience currently represented on
our Board. Tom brings a deep understanding of the dynamics that
shape the auto industry, and we look forward to benefitting from
his solutions-focused perspectives as we drive value creation for
our shareholders.”
Mr. Okray said, “I’ve long respected the durability of Monro’s
business model as well as its commitment to delivering a superior
customer experience. I look forward to working closely with the
Board and leadership to help the team execute the Company’s growth
strategy and further solidify Monro’s leadership position.”
With Mr. Okray’s appointment, Monro's Board is now composed of
nine directors, eight of whom are independent.
About Thomas B. Okray
Tom Okray is an accomplished finance and operations executive
who most recently served as EVP and Chief Financial Officer of
Eaton Corporation, a global intelligent power management company,
from January 2021 to February 2024. Prior to joining Eaton, he
served as SVP and Chief Financial Officer of W.W. Grainger, Inc., a
role he assumed in April 2018, and earlier served as EVP and Chief
Financial Officer of Advance Auto Parts, Inc. beginning in October
2016. Prior to Advance Auto Parts, Mr. Okray was Vice President of
Finance for Amazon.com, Inc.’s Global Customer Fulfillment
organization.
From 1989 to 2015, Mr. Okray held a variety of senior finance
roles at General Motors and at the time of his departure served as
Chief Financial Officer, Global Product Development Operations,
Purchasing and Supply Chain, with a team of 45,000 employees across
nine major development centers. During his tenure at General
Motors, he worked 15 years internationally with senior leadership
roles in Europe and Asia.
Mr. Okray also serves as a member of Flowserve Corporation’s
(NYSE: FLS) Board of Directors, chairing the Audit Committee. He
received an MBA from the University of Chicago, a Bachelor of
Science in Chemical Engineering from Michigan State University and
participated in a Transformational Leadership Program at the
Stanford Graduate School of Business.
About Monro, Inc.
Monro, Inc. (NASDAQ: MNRO) is one of the nation’s leading
automotive service and tire providers, delivering best-in-class
auto care to communities across the country, from oil changes,
tires and parts installation, to the most complex vehicle repairs.
With a growing market share and a focus on sustainable growth, the
Company generated approximately $1.3 billion in sales in fiscal
2023 and continues to expand its national presence through
strategic acquisitions and the opening of newly constructed stores.
Across approximately 1,300 stores and 9,000 service bays
nationwide, Monro brings customers the professionalism and
high-quality service they expect from a national retailer, with the
convenience and trust of a neighborhood garage. Monro’s highly
trained teammates and certified technicians bring together hands-on
experience and state-of-the-art technology to diagnose and address
automotive needs every day to get customers back on the road
safely. For more information, please visit
https://corporate.monro.com.
Cautionary Note Regarding Forward-Looking Statements
This press release includes certain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. The words “look forward,” “will,” and similar expressions
may identify forward-looking statements, but the absence of these
words does not mean that a statement is not forward-looking.
Forward-looking statements are subject to risks, uncertainties and
other important factors that could cause actual results to differ
materially from those expressed. Such forward-looking statements
are not guarantees of future performance and are subject to risks,
uncertainties and other factors that may cause the actual results,
performance, or achievements of Monro to differ materially from the
historical results or from any results expressed or implied by such
forward-looking statements. Risks that could cause actual results
to differ materially from those in the forward-looking statements
include, without limitation, those set forth in the Company’s
Securities and Exchange Commission filings, including the Company’s
annual report on Form 10-K for the fiscal year ended March 25,
2023. Except as required by law, the Company does not undertake and
specifically disclaims any obligation to update any forward-looking
statement to reflect the occurrence of anticipated or unanticipated
events or circumstances after the date of such statements.
MNRO-Corp
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version on businesswire.com: https://www.businesswire.com/news/home/20240215108582/en/
Investors: Felix Veksler Senior Director, Investor Relations
ir@monro.com Media: Colleen Carter Director, Internal
Communications colleen.carter@monro.com
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