Troubled US retailer A&P has elected restructuring specialist Greg Rayburn to its board of directors.
He will replace Dr Jens-Jurgen Bockel, who has resigned from A&P’s board.
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A&P, which is majority-owned by German retail conglomerate Tengelmann, said on Friday (4 February) that Rayburn has more than 28 years of experience leading companies and “maximising enterprise value through strategic and competitive challenges in a wide range of industries”. Rayburn has operated in sectors including retail, freight, manufacturing, telecommunications, gaming, hospitality, home building and healthcare.
Rayburn’s career includes a stint as chief restructuring officer of WorldCom, then the largest US bankruptcy filing to-date.
He most recently worked as CEO of the New York City Off Track Betting Corporation, where at the New York Governor’s request, he developed a reorganisation plan and led negotiations with state race tracks and unions.
A&P chairman Christian Haub said: “We are pleased to welcome Greg to A&P’s board. His experience in leading companies through critical transitions will be invaluable to the board. I am looking forward to working with Greg as we continue to execute on A&P’s comprehensive turnaround under Sam Martin’s leadership.”
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By GlobalDataThe announcement comes after the retailer filed for Chapter 11 bankruptcy protection in December last year.
