US: A&P CEO Martin leaves US retailer
A&P CEO Sam Martin has left the US grocer, the company said today (10 January).
In a statement, A&P confirmed Martin's departure after over three years of the business.
"Sam Martin has departed as the company's CEO. We all thank Sam for his time at A&P and wish him well in his future endeavours," A&P said.
When contacted by just-food, A&P declined to comment on why Martin had left the retailer.
Martin joined A&P in July 2010. He joined A&P, loaded with debt and hit by competition, only six months after former Borders Group boss Ron Marshall was named chief executive.
A&P emerged from Chapter 11 in March 2012 following an injection of capital from Ron Burkle's investment vehicle Yucaipa Cos and financing from JPMorgan Chase & Co. and Credit Suisse.
The retailer said it plans to identify a replacement for Martin this year, with executive chairman Greg Mays in charge in the short term.
"The company has made tremendous headway since Greg Mays was installed as executive chairman over 14 months ago, and Mr. Mays will continue to serve as executive chairman. At the appropriate time in the company's 2014 planning process, a new chief executive officer will be identified," A&P said.
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