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BALTIMORE — Jiffy Lube International, Inc. Tuesday announced the election of a new board of directors as part of a just-completed financial restructuring plan with senior lenders and Pennzoil Co.
Under terms of the financial plan announced last year, Pennzoil of Houston exchanged $15 million in debts and $28.5 million in cash for an 80 percent common stock interest in Jiffy Lube.
Under the restructuring plan, Jiffy Lube’s payment terms on the Baltimore company’s senior debt will be significantly revised and reduced, company officials said.
Pennzoil, a supplier that came to Jiffy Lube’s rescue when it ran into financial trouble a year ago, has replaced the quick-lube company’s founder and chairman with one of its own executives.
The move, along with changes in Jiffy Lube’s board of directors, was part of an anticipated management sweep by the oil giant.
The new board includes J. Ronald Calabrese, 54, the new president and chief executive officer of Jiffy Lube International who previously was group vice president of Pennzoil’s quick lube division.
Others board members include J. Anthony Aldrich, 51, vice president and partner of Talesis, a division of Towers Perrin, who previously was vice president and director of the Boston Consulting Group.
Also named was Randal B. McDonald, 59, president and director of Pennzoil Co., who previously was a managing partner and chief financial officer at the Chicago world headquarters of Arthur Anderson & Co.
The remaining board member are James L. Pate, 54, director and executive vice president of Pennzoil Company, who previously served Pennzoil as senior vice president, finance and treasurer, and Robert N. Thurston, 57, who has been a business consultant since July 1985. Thurston previously was executive vice president and a director of Quaker Oats Company.