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Letter to the Editor

Pep Boys Names Lawrence N. Stevenson New CEO

Stevenson, who is expected to start in his position with Pep Boys on May 27, 2003, will also serve as a Director on the Company's Board of Directors.

The company also announced that its Board of Directors intends to consider and elect a non-executive Chairman at its next regular meeting to be held on May 28, 2003. Stevenson and the new, non-executive Chairman of the Board replace Mitchell G. Leibovitz, who held both positions prior to his retirement.

Stevenson, 46, who earned a Bachelor's Degree in Economics & Commerce from the Royal Military College in Canada, and a Master's Degree in Business Administration from Harvard University, most recently served as the CEO of Chapters, Canada's largest book retailer. Prior to his seven years at Chapters, Stevenson spent nine years with Bain & Company, which included serving as the Managing Director of their Canadian operation.

Retired Chairman & CEO, Mitchell G. Leibovitz, commented, "Larry Stevenson's experience, intellect and passion make him extremely well suited to lead Pep Boys."

Pep Boys' new CEO, Lawrence N. Stevenson, said, "I am very excited at the prospect of joining Pep Boys as the new CEO. Mitch and his team have built one of the strongest companies in the sector and I look forward to building on this excellent platform for years to come."

Pep Boys has 629 stores and over 6,500 service bays in 36 states and Puerto Rico.

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