Pep Boys CEO Larry Stevenson Resigns; Non-Executive Chairman Bill Leonard Named Interim CEO

Mr. Leonard has served on Pep Boys' Board of Directors since 2002and as its Chairman since February. From 1992 through his retirementin 2004, he served as an officer, and ultimately President & ChiefExecutive Officer of ARAMARK Corporation.

"On behalf of the Board, I want to thank Larry for his effortsduring the past three and a half years, particularly in strengtheningour management team and improving our retail offering," said Leonard.

He continued, "I look forward to working with our management andour more than 20,000 associates to realize the potential of the PepBoys brand and national footprint."

The Board has appointed a special committee to conduct a searchamong internal and external candidates for a permanent CEO.

Pep Boys has 593 stores and more than 6,000 service bays in 36states and Puerto Rico. Along with its vehicle repair and maintenancecapabilities, the Company also serves the commercial auto partsdelivery market and is one of the leading sellers of replacement tiresin the United States. Customers can find the nearest location bycalling 1-800 -PEP-BOYS or by visiting pepboys.com.

Certain statements contained herein constitute "forward-lookingstatements" within the meaning of The Private Securities LitigationReform Act of 1995. The word "guidance," "expect," "anticipate,""estimates," "forecasts" and similar expressions are intended toidentify such forward-looking statements. Forward-looking statementsinclude management's expectations regarding future financialperformance, automotive aftermarket trends, levels of competition,business development activities, future capital expenditures,financing sources and availability and the effects of regulation andlitigation. Although the Company believes that the expectationsreflected in such forward-looking statements are based on reasonableassumptions, it can give no assurance that its expectations will beachieved. The Company's actual results may differ materially from theresults discussed in the forward-looking statements due to factorsbeyond the control of the Company, including the strength of thenational and regional economies, retail and commercial consumers'ability to spend, the health of the various sectors of the automotiveaftermarket, the weather in geographical regions with a highconcentration of the Company's stores, competitive pricing, thelocation and number of competitors' stores, product and labor costsand the additional factors described in the Company's filings with theSEC. The Company assumes no obligation to update or supplementforward-looking statements that become untrue because of subsequentevents.