Louis S. Dipasqua to Retire as Chief Executive Officer

22 July 1999

Louis S. Dipasqua to Retire as Chief Executive Officer

    MEMPHIS, Tenn.--July 22, 1999--The Board of Directors of TBC Corporation today announced that Louis S. DiPasqua, age 64, plans to retire as Vice Chairman and Chief Executive Officer effective September 30, 1999. DiPasqua also plans to retire as a Director, and the Board indicated that it intends to elect a new director as soon as practical after that vacancy occurs.
    "We appreciate the significant contributions that Lou DiPasqua has made in leading TBC," remarked Marvin E. Bruce, Chairman. "The past several years have presented unprecedented challenges to all participants in the replacement tire industry. TBC has maintained sound profitability throughout this period, and the attainment of record sales of $646 million in 1998 serves as a tangible measure of the strength of the Company's competitive position. Lou has served a vital role in formulating the strategic plan for TBC and in guiding our progress that has included a refocus on our core tire operations, entry into the retail tire business through the acquisition of Big O Tires, formation of several joint marketing ventures and the acquisition of our largest distributor."
    DiPasqua joined TBC in 1991 as President and Chief Operating Officer. He was also elected a Director that year. He assumed the responsibilities of Chief Executive Officer in 1994. From 1989 until joining the Company, DiPasqua was Vice President, Replacement Tire Sales and Marketing for The Goodyear Tire & Rubber Company. Prior to that, he served as President and Chief Executive Officer of Kelly Springfield Tire Company, a division of Goodyear. From 1984 to 1988, he was Chairman and Managing Director of Goodyear Great Britain.
    TBC Corporation is one of the nation's largest marketers and distributors of private brand tires for the automotive replacement market.