Thomas W. Garvey Named Chief Financial Officer Of Tire Firm TBC

    MEMPHIS, Tenn.--Jan. 19, 2001--TBC Corporation today announced that Thomas W. Garvey has been elected Executive Vice President, Chief Financial Officer and Treasurer. Garvey replaces Ronald E. McCollough who is retiring. Garvey has been Executive Vice President and Chief Financial Officer of Tire Kingdom, the nation's fifth largest independent tire retailer, that TBC acquired in June 2000.
    Larry Day, President and Chief Executive Officer, remarked, "We sincerely appreciate the considerable contributions that Ron McCollough has made to TBC's success. As the Company has expanded, his responsibilities have effectively embraced not only the finance area but also all aspects of our operations. We look forward to having Tom Garvey serve in his new role. As we near the $1 billion mark in annual sales, we are confident that he has the proven skills to build the financial infrastructure for our continued progress."
    Garvey's background includes more than 22 years of diversified financial and operational experience with retail, distribution, manufacturing and public accounting companies. He joined Tire Kingdom in his current position in 1993. He previous responsibilities included serving as Audit Consultant for Phar-Mor, Inc. and as Executive Vice President and Chief Financial Officer for Fisher Scientific Company. Garvey is a Certified Public Accountant and a graduate of Northeastern University.
    TBC Corporation is one of the nation's largest marketers and distributors of tires for the automotive replacement market.
    This release may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to certain risks, uncertainties and other factors which could cause actual results to differ materially, including but not limited to, the degree of competition in the replacement tire industry, changes in consumer spending on automobiles and replacement automotive products and the Company's ability to continue to obtain products in sufficient quantity and at competitive prices. Additional information on factors that could potentially affect the Company or its financial results may be found in the Company's filings with the Securities and Exchange Commission.