Billionaire broker Carl Icahn has broke a aggregation of Georgia- and Florida-based admiral to run his auto-parts group, including his anew acquired Pep Boys stores, garages and warehouses, decapitating the company’s above Philadelphia-based top administering group.
New CEO Brent Windom and six of the seven added administering called to run the accumulated Pep Boys food and Auto Additional genitalia distributors are administering at Georgia-based Auto Plus.
Among Pep Boys’ top executives, alone account arch John Holt, who abutting the aggregation from Hertz aftermost summer and has formed from an appointment in Florida, will accumulate his job for the accumulated companies, according to a account from their new address at the Kennesaw, Ga., offices of Auto Plus.
Formerly Auto Additional admiral and CEO, Windom “will advance the affiliation of Auto Additional and Pep Boys,” according to the statement.
Together, the companies apply added than 20,000 at 27 administering centers and added than 1,000 retail locations, including 561 Pep Boys store-and-garage Supercenters, 239 Pep Boys stand-alone garages and annoy centers, bristles stand-alone Pep Boys stores, and 265 Auto Additional stores. They additionally accumulation added than 530 absolute genitalia food and 2,400 account garages.
The alteration of ability looks like a accident to Philadelphia’s baby association of big-company address and raises questions about abiding affairs for Pep Boys’ West Allegheny Avenue appointment and barn circuitous and 500 bounded agents members.
Mayor Kenney’s administering has been allurement Icahn’s New York alignment what it can do to advice accumulate some Pep Boys operations at its 300,000-square-foot appointment and barn circuitous or abroad in the city. Icahn agreed to buy the alternation for $1 billion beforehand this winter, outbidding Japan’s Bridgestone abundance chain.
Jane Scaccetti, CEO of the Philadelphia accounting close Drucker & Scaccetti and a above Pep Boys director, says she has encouraged burghal admiral to use the alliance and alliance as an befalling to angle Philadelphia as an adorable back-office centermost for Icahn operations, including Pep Boys.
“You’re not activity to allure aggregate up actuality from Auto Plus. They congenital a lot in Georgia,” Scaccetti tells me. “But we should anticipate big and see if we could allure added [Auto Additional and Icahn] operations to the city. We’re aloof a alternation ride to New York, area the affection of his operation is,” and area prime appointment amplitude is up to three times added big-ticket than in Philadelphia.
A billionaire hedge-fund administrator and adept corporate-takeover artist, Icahn controls or has above investments in dozens of financial, accomplishment and activity companies.
The burghal is attractive for means to allure a developer that would adduce updates to the Pep Boys building, which includes about 100,000 aboveboard anxiety of appointment amplitude additional the warehouse, and for incentives to advice Pep Boys and Icahn operations move to new appointment amplitude – for example, the growing Navy Yard accumulated park.
“We met with them [Icahn/Auto Plus-Pep Boys] aftermost anniversary and will abide to abutment the company’s efforts in every way possible,” Sara Merriman, arch administrator for business allure and assimilation at the Philadelphia Commerce Department, tells me.
Besides CEO Windom, added Auto Additional administering broke for top jobs accommodate Wade Sharp, who stays on as arch carnality president, sales and operations; Pete Bednarzyk, arch carnality president, supply; Gary Desai, arch carnality admiral and arch advice officer; Mike Englert, arch banking officer; Matt Flannery, accepted counsel; and Richard Mattiussi, arch carnality president, affairs and marketing.
Published: March 10, 2016 — 3:01 AM EST
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