Pitt Hyde to step down from AutoZone board
Memphis retailer AutoZone Inc. said founder Joseph R. “Pitt” Hyde III will leave the board of directors.
An AutoZone statement says Hyde informed the company he will not run for re-election to the board at the annual meeting scheduled Dec. 19.
Hyde, 76, founded the company in 1979 and served as chairman of the board from 1986 to 1997, and chief executive from 1986 to 1996.
“Words cannot express the gratitude I have for Pitt and his vision to create this amazing organization,” Bill Rhodes, AutoZone chairman, president and chief executive officer, said in a public statement released by the company.
In a separate statement filed with the U.S. Securities and Exchange Commission, AutoZone says, “Mr. Hyde’s decision was not related to any disagreement with the Company on any matter relating to its operations, policies or practices.”
In the typical U.S. corporation, the board of directors oversees the chief executive officer and sets broad goals and strategy for the company.
Hyde, regarded as one of Memphis’ leading philanthropists, owns Pittco Holdings Inc. and is a co-founder of the Memphis investment firm MB Venture Partners. He also co-founded Memphis Tomorrow, a civic organization comprised primarily of senior corporate executives.
In the 1970s, Hyde served as chief executive of Memphis-based Malone & Hyde, a wholesale grocer founded by his grandfather. Hyde and other executives at Malone & Hyde started the Auto Shack auto parts company. The business, which was renamed AutoZone in 1987, became the largest corporation based in Memphis after FedEx Corp.
AutoZone in the quarter that ended on May 5 reported after-tax profits of $366.7 million, or $13.42 per share, on revenue of $2.6 billion.
“With nearly 40 years of leading AutoZone, Pitt’s presence will always remain with our company,” Rhodes’ statement says. “From his development of our unique and powerful culture, to his leadership, to teaching us to give back to the city where we live, work and play. We wish Pitt and his wife, Barbara, all the best and we thank both of them for their passionate guidance of AutoZone and philanthropy to Memphis and beyond.”
AutoZone operates 6,202 stores in Brazil, Mexico, the United States and Puerto Rico.