Mike Broderick is out as the president and CEO of Monro Inc. “following the board’s determination that a change in leadership is necessary,” the company announced on March 31.
Peter Fitzsimmons — a partner and managing director of AlixPartners and self-described turnaround and restructuring expert — is now the president and CEO of Monro. Fitzsimmons was appointed in connection with, and as part of a strategic consulting engagement with AlixPartners and its affiliate AP Services LLC.
“Fitzsimmons’ mandate is to work with the management team and board to develop and execute a performance improvement plan to enhance operations, drive profitability, and increase operating income and total shareholder returns,” the company stated in announcing the leadership change. “During his career, Fitzsimmons has served in senior executive roles at clients undertaking significant efforts to improve operations and financial performance. Some of his notable executive experience includes serving as CEO of a large automotive collision repair business, where he drove an over 25% sales improvement in 2022, and as CFO of an auto parts distributor.”
Robert Mellor, chairman of the board, stated: “The Monro board and management are taking decisive actions intended to improve the company’s performance and enhance the value we are delivering to our shareholders today and over the long-term. As part of this, the board determined that a change in leadership was necessary, and we are pleased to appoint Peter to lead this critical phase in our evolution and our next chapter of growth. Peter has a proven track record of success and a mandate to reinvigorate the business and restore operating margins. We are confident that with our consistent cash generation, ample liquidity, solid balance sheet and our compelling offerings to customers, Monro will achieve its potential as a premier automotive service provider under Peter’s leadership.”
Mellor also said: “We appreciate Mike Broderick’s commitment to Monro and thank him for his contributions. We wish him all the best.”
Broderick was appointed president and CEO of Monro in 2021.
He is a former executive vice president of merchandising and store operations support for Advance Auto Parts, former senior vice president of the Canadian Tire automotive division, former CEO of Federal-Mogul and former president of General Parts.
