UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Effective September 30, 2019, the Board of Directors of Monro, Inc. (the “Company”) appointed Rob Rajkowski to serve as the Chief Operating Officer of the Company.
In his role as Chief Operating Officer, Mr. Rajkowski will be paid an annual base salary of $315,000 and will be eligible to receive an annual cash bonus of up to 50% of his annual base salary pursuant to the terms of the Company’s bonus plan and upon the achievement of corporate objectives as determined by the Compensation Committee of the Board of Directors. Mr. Rajkowski will also participate in the Company’s other incentive and welfare and benefit plans made available to executives. Mr. Rajkowski’s compensation will be reviewed annually by the Compensation Committee.
In connection with his appointment, Mr. Rajkowski was granted options to purchase 10,000 shares of the Company’s common stock, par value $0.01 per share (“Common Stock”), under the Company’s stock incentive plan, which options vest in four installments over a four-year period and have an exercise price per share equal to the closing price of the Common Stock on September 30, 2019. Also in connection with his appointment, he will enter into an agreement with the Company with respect to certain payments to Mr. Rajkowski in the event of a future termination without cause or a change of control of the Company. The Company intends to file this agreement with its next Quarterly Report on Form 10-Q.
Mr. Rajkowski, age 55, brings nearly 15 years of experience in the automotive industry across a number of operations and marketing roles in corporate, franchisee and franchisor business models. Prior to joining the Company, Mr. Rajkowski had served as the Chief Operating Officer of AAMCO Transmission and Total Car Care since February 2014. He also previously served as Chief Marketing Officer at Heartland Automotive Services (Jiffy Lube) from July 2010 to January 2014 and as a General Manager – Retail Stores at The Goodyear Tire & Rubber Company. He holds a bachelor’s degree from East Stroudsburg University.
There are no family relationships between Mr. Rajkowski and any director or executive officer of the Company, and he does not have any direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.
| Item 9.01 |
Financial Statements and Exhibits | |
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Not applicable. | |
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Not applicable. | |
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The following is a list of exhibits furnished with this Current Report on Form 8-K: |
| Exhibit |
Description | |
| 99.1 |
Press release announcing the appointment of Chief Operating Officer, dated September 30, 2019. | |
| 104 |
Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| MONRO, INC. | ||||||
| (Registrant) | ||||||
| October 4, 2019 |
By: |
/s/ Maureen E. Mulholland | ||||
| Maureen E. Mulholland | ||||||
| Senior Vice President – General Counsel and Secretary |
Exhibit 99.1
| CONTACT: | Kim Rudd | |
| Executive Assistant | ||
| (585) 784-3324 | ||
| Investors and Media: Melanie Dambre | ||
| FTI Consulting | ||
| (212) 850-5600 | ||
FOR IMMEDIATE RELEASE
MONRO, INC. APPOINTS ROBERT RAJKOWSKI AS CHIEF OPERATING OFFICER
ROCHESTER, N.Y. – September 30, 2019 – Monro, Inc. (Nasdaq: MNRO), a leading provider of automotive undercar repair and tire services, today announced that Robert Rajkowski has been appointed to the position of Chief Operating Officer, effective immediately. Rajkowski joins Monro with almost 15 years of expertise in the automotive industry across a number of operations and marketing roles in corporate, franchisee and franchisor business models.
In his role as Chief Operating Officer, Rajkowski will oversee and spearhead the integration of Monro’s operations, marketing and merchandising functions. In addition, he will be responsible for all aspects of the Company’s store operations, including the ongoing execution of its Monro.Forward operational excellence initiatives. Rajkowski will report to Brett Ponton, President and Chief Executive Officer.
“I am thrilled to welcome Rob to Monro. He brings demonstrated leadership skills and a strong track record of execution that will be valuable assets for our team, as we continue to execute our Monro.Forward strategy. Importantly, he has deep experience in implementing operational excellence programs, which will be critical to driving long-term sustainable growth as we remain steadfast in our commitment to deliver a consistent, 5-star experience for all our customers,” stated Ponton.
Rajkowski has extensive experience in the automotive industry, most recently serving as the Chief Operating Officer of AAMCO Transmission and Total Car Care, where he focused on driving P&L improvement and enhanced customer satisfaction. Previously, he served as Chief Marketing Officer at Heartland Automotive Services (Jiffy Lube). Prior to Jiffy Lube, Rajkowski worked in a number of roles of increasing responsibility at The Goodyear Tire & Rubber Company, including Director – Marketing and Merchandising and General Manager of Goodyear Retail Stores. At both Jiffy Lube and Goodyear, Rajkowski was deeply involved in operational excellence programs, including improving customer experience and developing pricing strategies to drive same store sales growth and optimize margins. Rajkowski holds a bachelor’s degree from East Stroudsburg University.
“I am very excited to join Monro on its transformational journey. I look forward to leveraging my years of operational and marketing expertise in the automotive industry to build upon the Company’s strong foundation and contribute to Monro’s future success,” said Rajkowski.
About Monro, Inc.
Headquartered in Rochester, New York, Monro is a chain of 1,262 Company-operated stores, 97 franchised locations, eight wholesale locations and three retread facilities providing automotive undercar repair and tire sales and services. The Company operates in 30 states, serving the Mid- Atlantic and New England regions and portions of the Great Lakes, Midwest, Southeast and West Coast. The predecessor to the Company was founded by Charles J. August in 1957 as a Midas Muffler franchise. In 1966, Monro began to diversify into a full line of undercar repair services. The Company has experienced significant growth in recent years through acquisitions and, to a lesser extent, the opening of newly constructed stores. The Company went public in 1991 and trades on The Nasdaq Stock Market under the symbol MNRO.
Document and Entity Information |
Sep. 30, 2019 |
|---|---|
| Cover [Abstract] | |
| Entity Address, State or Province | NY |
| Amendment Flag | false |
| Entity Central Index Key | 0000876427 |
| Document Type | 8-K |
| Document Period End Date | Sep. 30, 2019 |
| Entity Registrant Name | MONRO, INC. |
| Entity Incorporation State Country Code | NY |
| Entity File Number | 0-19357 |
| Entity Tax Identification Number | 16-0838627 |
| Entity Address, Address Line One | 200 Holleder Parkway |
| Entity Address, City or Town | Rochester |
| Entity Address, Postal Zip Code | 14615 |
| City Area Code | (585) |
| Local Phone Number | 647-6400 |
| Written Communications | false |
| Soliciting Material | false |
| Pre Commencement Tender Offer | false |
| Pre Commencement Issuer Tender Offer | false |
| Security 12b Title | Common Stock, par value $.01 per share |
| Trading Symbol | MNRO |
| Security Exchange Name | NASDAQ |
| Entity Emerging Growth Company | false |