Pep Boys Manny, Moe & Jack has avoided a proxy fight with its largest shareholder, GAMCO Asset Management Inc., by agreeing to nominate three directors recommended by GAMCO to be voted on at Pep Boys' annual meeting July 10. Rye, N.Y.-based GAMCO, which owns 18.9 percent of Pep Boys' stock, originally had proposed nominating a slate of four candidates, telling shareholders it was doing so because it had "little confidence that [Pep Boys'] board, as currently composed, is committed to taking the necessary steps to enhance shareholder value." GAMCO said it believes its nominees "will bring significant and relevant experience, new insight and fresh perspectives to the board."
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