Mike Odell, the CEO and president of automotive retail and service chain Pep Boys, resigned on Friday.
John Sweetwood will be the company's interim CEO, effective immediately, while the board conducts a search for a permanent CEO from internal and external candidates.
Since 2002, Sweetwood has been on the company's board and currently is the president of a private real estate investment firm.
Pep Boys has about 800 locations across 35 states and Puerto Rico.
Year-to-date, Pep Boys stock has struggled—dropping nearly 23 percent even as the S&P 500 is up 6 percent. (Get the latest quote here.)