US convenience store operator The Pantry announced today (23 April) that its chairman and CEO Peter Sodini will retire when his contract expires at the end of September.

After ten years at the company, Sondini said now was "the right time" to implement the company's succession plan.

The board of directors has formed a search committee and the company expects to have Sodini's replacement lined up prior to his departure. The search will consider both external and internal candidates, the company said in a statement.

"All of us who have worked with Peter throughout the years have benefited from his leadership, his selfless commitment to the company and his foresight. He leaves The Pantry with many core strengths, and we are grateful for his dedicated service," lead director Thomas Muenane said.

In a separate announcement today, the company revealed that it has promoted Frank Paci to EVP of business operations.

Paci has served as the company's SVP, finance, CFO and secretary since 2007. He will continue to serve in this capacity, with additional responsibilities for acquisitions and legal affairs.