The majority shareholder in US retailer A&P has been named as the company’s executive managing director.
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German conglomerate Tengelmann has parachuted in its co-CFO Andreas Guldin to the newly-created position. Guldin will be charged with responsibility of strategy and corporate development.
A&P executive chairman Christian Haub said: “Guldin’s expertise and counsel have been invaluable to A&P’s strategic development, as recently exemplified by his instrumental role in our pending acquisition of Pathmark Stores.”
Last month, the US Federal Trade Commission asked for more information on A&P’s planned $1.3bn acquisition of Pathmark.
While A&P focuses on sealing its acquisition of Pathmark, the company is in talks to offload its operations in the Midwest. The company said it wants to devote resources to its expanding core business in the Northeast.
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By GlobalDataLast year, A&P managed to reduce its losses during the last 12 months. Operating losses narrowed to US$10.1m during the year to 24 February, down from $320.7m a year earlier. Revenue from continuing operations, however, was down 0.5% to $6.9bn.
The company’s net income reached $26.9m, down from the $392.6m it recorded a year earlier, when the sale of its Canadian operations boosted the figures.
