Less than three weeks after auto parts retailer Pep Boys- Manny, Moe & Jack's CEO resigned amidst a proxy battle with a hedge fund, the retailer waved the white flag on Thursday when it said it would put four new directors proposed by a dissident shareholder group on its board. As a result of the surrender, the Philadelphia-based company will increase its board to 10 members. All four candidates were proposed by shareholder Barington Capital Group, a hedge fund that holds about 9.9% of Pep Boys stock. In addition, Pep Boys said director Benjamin Strauss, son of Pep Boys founder Maurice "Moe" Strauss, retired from the board, having reached mandatory retirement age. Malcolmn Pryor also resigned from the board. Last month, CEO Larry Stevenson resigned and board of directors chairman Bill Leonard replaced him as interim CEO. The board currently is searching for a permanent chief executive.—Matthew Wurtzel
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