Monro Muffler Brake Inc. has appointed a former Bausch & Lomb Inc. executive to its board of directors.
Stephen McCluski, who was senior vice president and chief financial officer for Bausch & Lomb from 1995 until his retirement in 2007, also will serve on Monro’s audit committee.
Separately, Monro announced plans to accelerate the record and payment date of its 10-cent per share fourth-quarter dividend to be paid out together with the third-quarter dividend. The combined dividend of 20 cents a share will be payable on Dec. 12 to shareholders of record as of Dec. 11.
“Given our strong balance sheet, and the likelihood of a change in the tax rates on dividends beginning next year that will subject a significant part of the company's U.S. shareholder base to increased dividend taxation for 2013, we believe it is prudent to accelerate the timing of the payment of our fourth-quarter dividend to our shareholders into calendar year 2012," Executive Chairman Robert Gross said in a statement.
McCluski serves as chairman of PACS Industries Inc. and ImmunoGen Inc. (Nasdaq: IMGN). He also serves on the board of American Aerogel Corp. and Lasermax Inc. He serves as an operating director of DeltaPoint Capital Management LLC, a private-equity group.
“Steve brings to our board a wealth of financial experience and is a true leader with a proven track record of success,” Gross said. “His leadership ability and expertise will be invaluable in guiding our company as we continue to execute on our long-term strategy and capitalize on the opportunities we see in the marketplace.”
Shares of company stock (Nasdaq: MNRO) were down 22 cents, or less than 1 percent, at $31.70 in midday trading.
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