AutoZone names two new directors

In accordance with the recently announced agreement with its largest shareholder, ESL Investments, the company agreed to add three new directors to the board, two of whom were to be identified by ESL. Pursuant to the terms of this agreement, Mr Grusky and Mr Crowley were identified by ESL. The company expects to name the third new board member by the annual stockholders' meeting to be held in December 2008. In 2000, Mr Grusky founded Hope Capital Management, an investment firm for which he serves as managing member. He also co-founded New Mountain Capital in 2000 and was a principal, managing director and member of New Mountain Capital from 2000 to 2005. He remains a senior advisor with the company. Since March 2005, Mr Crowley has served as a director of Sears Holdings. Additionally, he has served as executive vice president of Sears Holdings since March 2005 and as chief administrative office of Sears Holdings since September 2005. Mr Crowley has served as a director of Sears Canada since March 2005 and as the chairman of the board of Sears Canada since December 2006. Since January 1999, Mr Crowley has been president and COO of ESL Investments. Bill Rhodes, chairman, president and CEO of AutoZone, said: "I am excited to welcome these two new directors. We are fortunate to have such outstanding individuals join our board. Both Bob and Bill possess a vast knowledge of retailing and finance, and, additionally, their strategic planning experience will serve AutoZone and our stockholders well."