O'Reilly Automotive (ORLY) Receives Non-Compliance Notification From NASDAQ
O'Reilly Automotive, Inc. (Nasdaq: ORLY) received a written notification from the staff at The Nasdaq Stock Market ("NASDAQ") that as a result of the death on May 8, 2009 of Joseph C. Greene, an independent director and Chairman of the Company's Corporate Governance/Nominating Committee, the Company's board of directors is no longer comprised of a majority of independent directors as required by Nasdaq Listing Rule 5605. The Company currently has eight (8) directors, only four (4) of which qualify as independent directors. In accordance with Nasdaq Listing Rule 5605(b)(1)(A), the Company has a "cure period" of until the next annual shareholders' meeting or May 8, 2010 to regain compliance.
The board of directors has selected Paul R. Lederer, an existing independent director, to fill Mr. Greene's position as Chairman of the Corporate Governance/Nominating Committee. The board intends to identify candidates to replace Mr. Greene and appoint a new director who satisfies the independence requirements of the Nasdaq Listing Rules prior to the expiration of the cure period. [SM]
Create E-mail AlertRelated Categories
Corporate NewsStocks Mentioned
-0.89Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
