US: The Pantry CEO steps down
Terrance Marks has announced his resignation as CEO of The Pantry.
Marks, who joined the convenience store chain in September 2009, has stepped down after accepting a job that will allow him to return to his family in Atlanta, according to a company spokesperson.
Marks, who is expected to leave the company in October, said: "I am very proud of our accomplishments over the last two years and I depart with great confidence in this team's ability to continue making meaningful progress against the company's strategic initiatives.
“My decision to leave was difficult, but ultimately driven by personal considerations," he added. "I was recently approached with, and accepted, an opportunity that will enable me to return to my home and family in Atlanta. I remain as enthusiastic as ever about The Pantry's future and look forward to working with the board to assure a seamless transition."
Pantry board chairman Edwin Holman will assume the position of interim CEO. He said: "The board of directors and I would like to thank Terry for his leadership and fully support the strategic initiatives he brought to the company. He will be leaving The Pantry well positioned for the future."
The Pantry shares fell nearly 6% on the announcement.
In August the company made an operating profit of $51.7m in the first nine months of the year, compared to loss of $6.49m in the same period last year.
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