PHILADELPHIA (AFX) - Auto parts and services chain Pep Boys said Wednesday it named Thomas R. Hudson Jr. to its board, increasing the number of its directors to 11 from 10.
Hudson is the managing member of hedge fund Pirate Capital, one of the company's largest shareholders with a nearly 10 percent stake.
The company, officially known as Pep Boys -- Manny, Moe & Jack, said Pirate Capital has agreed to withdraw a notice of intent to nominate a director for election. It has instead agreed to support the company's slate of 11 directors, including Hudson, for re-election at Pep Boys' annual shareholder meeting on Oct. 19.
Shares closed up 20 cents at $12.81 on the New York Stock Exchange.
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