PHILADELPHIA — The Pep Boys announced the resignation of CFO Ray Arthur, who is leaving on June 29 to pursue another business opportunity. Officials with the auto service and retail chain said the company has engaged Russell Reynolds to conduct a national search for Arthur's replacement.

"Ray has built an excellent finance organization and has been instrumental in solidifying Pep Boys' future,” said Mike Odell, president and CEO. “Our balance sheet is stronger than it has been in the last decade, affording us the flexibility to pay down debt and continue our store growth. We wish Ray the best in his new opportunity."

Added Arthur: "I am pleased to have had the opportunity to work with Mike and our dedicated associates in establishing Pep Boys' vision to be the automotive solutions provider of choice and bringing the company back to sustained profitability."