Monro, Inc. Appoints Peter Fitzsimmons as President and Chief Executive Officer to Lead Strategic Transformation
Monro, a leading provider of automotive undercar repair and tire services, has announced the appointment of Peter Fitzsimmons, a Partner and Managing Director at AlixPartners, as its new President and Chief Executive Officer, effective immediately. This leadership change follows the Board’s decision that a fresh strategic direction is necessary for long-term growth and financial performance. As a result, Michael Broderick has departed from his role as President and CEO.
A Vision for Operational Excellence and Enhanced Profitability
Fitzsimmons steps into this leadership role with a clear mandate: to work closely with management team and Board to develop and implement a comprehensive performance improvement plan. His primary focus will be on enhancing operational efficiency, boosting profitability, and maximizing total shareholder returns.
With extensive experience in operational transformations and financial restructuring, Fitzsimmons is uniquely positioned to lead through this critical phase. His track record includes leading major performance improvement initiatives across multiple industries, with a strong emphasis on automotive and industrial sectors. He has previously served as CEO of a large automotive collision repair company, where he spearheaded a strategic turnaround, resulting in a 25% increase in sales in 2022. Additionally, his tenure as CFO of an auto parts distributor has given him a deep understanding of financial management in the automotive service space.
Leadership Perspective: Board Chairman’s Endorsement
Robert Mellor, Chairman of ’Board of Directors, expressed confidence in Fitzsimmons’ ability to lead the company into a new phase of growth and stability.
“The Monro Board and management team are taking decisive actions to strengthen the company’s performance and deliver enhanced value to our shareholders. After careful consideration, we concluded that a change in leadership was necessary to propel Monro forward,” said Mellor. “Peter Fitzsimmons has a demonstrated history of driving business turnarounds and restoring operating margins. Under his leadership, we are confident Monro will capitalize on its strengths, including strong cash generation, a solid balance sheet, and a compelling value proposition for customers.”
Mellor emphasized that Fitzsimmons’ expertise aligns perfectly with Monro’s immediate objectives. By leveraging his extensive experience in restructuring and financial optimization, the company aims to streamline its operations and position itself as a premier automotive service provider.
Fitzsimmons’ Vision for Monro
Upon accepting the role, Fitzsimmons acknowledged Monro’s resilience and growth potential. He expressed enthusiasm about working with the team to unlock the company’s full value.
“Monro has consistently demonstrated durability through various business cycles and benefits from a nationwide presence, low leverage, and key strategic partnerships,” Fitzsimmons stated. “I look forward to collaborating with the Board and management team to drive improvements in Monro’s performance, enhance profitability, and strengthen our market position.”
His immediate priority will be assessing Monro’s current operations, identifying areas for improvement, and implementing strategic changes to optimize efficiency and customer service. Given his experience with high-impact transformations, Fitzsimmons is expected to bring a disciplined approach to cost management while ensuring that Monro continues to provide high-quality automotive services to its customers nationwide.
A Strategic Partnership with AlixPartners
Fitzsimmons’ appointment as President and CEO comes as part of a broader strategic consulting engagement with AlixPartners, LLP, and its affiliate, AP Services, LLC. This collaboration underscores Monro’s commitment to leveraging top-tier expertise to drive its turnaround strategy.
AlixPartners is renowned for its work in helping companies navigate complex operational and financial challenges. By engaging Fitzsimmons, Monro gains not only a seasoned executive but also access to a wealth of industry knowledge and strategic resources that will support its transformation efforts.
Acknowledgment of Michael Broderick’s Contributions
As Monro moves forward under new leadership, the Board expressed gratitude for the contributions of outgoing CEO Michael Broderick.
“We appreciate Mike Broderick’s dedication to Monro and thank him for his efforts during his tenure,” said Mellor. “We wish him the very best in his future endeavors.”
About Peter Fitzsimmons: A Proven Leader in Business Transformation
Peter Fitzsimmons brings decades of experience in financial and operational restructuring. As a Partner and Managing Director at AlixPartners, he has played a key role in advising businesses across various industries, including automotive, industrial, retail, telecommunications, software, consumer products, and financial services.
His career began at AlixPartners in 1995, where he gained extensive expertise in performance improvement initiatives. Over the years, he has taken on executive leadership roles, including serving as CEO and CFO for clients undergoing significant business transformations. His experience at Tower Three Partners, a private equity firm specializing in operational improvements, further strengthened his capabilities in driving business turnarounds.
Fitzsimmons holds a Bachelor of Arts degree from Harvard College and an MBA from the Tuck School of Business at Dartmouth College, providing him with a strong academic foundation in business strategy and financial management.
Monro, Inc.: A Leader in Automotive Service and Tire Solutions
Monro, Inc. is a nationally recognized automotive service and tire provider, offering a full spectrum of automotive repair and maintenance services. From routine oil changes and tire installations to complex vehicle repairs, Monro is committed to delivering high-quality service to customers across the United States.
With a robust growth strategy, Monro has established a formidable presence in the industry. The company generated nearly $1.3 billion in sales in fiscal 2024 and continues to expand through strategic acquisitions and new store openings. Operating over 1,250 stores and 8,500 service bays nationwide, Monro combines the efficiency of a national retailer with the trust and convenience of a local garage.
The company’s highly trained technicians utilize cutting-edge technology to provide expert diagnostics and repairs, ensuring customer safety and satisfaction. Monro’s ongoing investments in employee training and technology further reinforce its reputation as a trusted service provider.
