US retailer Fooderama Supermarkets has named Richard Saker as its new chief executive, following the resignation of founder Joseph Saker.

Joseph Saker, who has held the position of chief executive since the company was established in 1958, is to continue with the company as executive chairman under a two-year deal.

Saker's son Richard, who has worked for the company for 34 years, held the position of president and chief operating officer before being promoted to CEO.

The Saker family owns around 40% of Fooderama, reported Dow Jones Commodities Service.