Monro Adds Independent Director; Longtime Director Retires

Hope Woodhouse has joined the Monro Inc. board of directors. Her addition is tied to the board’s ongoing “refreshment” process.

As you may recall, Ides Capital Management, a New York-based activist investment adviser and shareholder of Monro, in July 2022 sent a letter to the company’s board of directors demanding that Monro address its “deeply broken corporate governance.”

In announcing Woodhouse’s addition on Feb. 9, Monro stated: “The board remains committed to its previously announced initiative to identify additional candidates who bring complementary skills and experience to the board, including experience in retail and the automotive aftermarket.”

Additionally, Robert Mellor, chair of the board, is quoted as saying: “We appreciate the constructive dialogue with shareholders and are implementing changes to strengthen Monro and improve our corporate governance. Refreshment remains a priority for our board, and we are delighted to welcome Hope as the newest addition to the Monro board. As a highly respected executive in the financial services industry with significant leadership experience and operational expertise, Hope will be an asset for our board and a valuable resource for our management team. Hope has extensive public company board experience, including on committees addressing issues such as risk, auditing and executive compensation, and our board’s compensation and audit committees look forward to benefitting from her perspectives.”

Woodhouse has held executive roles at a number of financial services firms, including COO of Bridgewater Associates, president and COO of the Auspex Group, and COO of Soros Fund Management.

According to a Monro filing with the SEC, there are no arrangements or understandings between Woodhouse and any other person pursuant to which she was selected to serve on the board. Further, there are no transactions in which the company is a party and in which Woodhouse has a material interest subject to disclosure under Item 404(a) of Regulation S-K.

In related news, Mike Danziger has retired from the board, effective Feb. 3. Danziger has served on the board since 1984. He is the former CEO of Griffin Industrial Realty and former held of counsel at Latham & Watkins LLP.

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