CARY, N.C. -- As expected, the board of directors of The Pantry Inc. has officially appointed Edwin J. Holman as interim chief executive officer, effective October 5, 2011, the date of resignation of Terrance M. Marks, the current CEO. In an exclusive CSP Daily News "farewell interview" with Marks last week, the departing executive described Holman as "a seasoned executive who understands retail very well."
Marks has accepted the position as president and CEO of themed restaurant chain Hooters.
While Holman serves as interim CEO, he will continue to serve as a member and chairman of the company's board. The board also appointed Wilfred A. Finnegan to serve as independent lead director while Holman serves as interim CEO.
Holman, 64, has served on the board since October 2005 and as chairman since September 2009. From March 2010 to the present, he has served as the nonexecutive chairman of RGIS International, which provides retail inventory solutions. Previously, Holman served as chairman and CEO (2004-August 31, 2009) of Macy's Central, a division of Macy's Inc. He also served as president and CEO of Galyan's Trading Co. (2003-2004). Previously, he was the president and COO of Bloomingdale's (2000-2003), a division of Federated Department Stores Inc.; president and COO of Rich's/Lazarus/Goldsmiths divisions, a division of Federated (1999-2000); chairman and CEO of Petrie Retail Inc. (1996-1999); president and COO of Woodward & Lothrop (1994-1996); vice chairman and COO of The Carter Hawley Hale Stores; and a senior operating executive of The Neiman Marcus Group.
In addition, Holman has also served as an independent director on the boards of Office Max (2003) and Circle International (1994-2000). As of January 18, 2010, he also serves on the board of La-Z-Boy.
According to a filing with the Securities & Exchange Commission (SEC), while acting as interim CEO, Holman will receive an annualized base salary of $700,000, payable in accordance with the company's payroll practices, and a restricted stock grant on October 5, 2011, with a fair market value on the grant date of $100,000. The restricted stock will fully vest on October 5, 2012, provided Holman continues to serve as either an employee or director of The Pantry.
While he serves as the interim CEO, Holman will not be eligible to participate in the company's independent director compensation program, annual incentive plan for employees or long-term incentive plan for employees.
The board also approved the award of retention bonuses to the company's senior vice presidents--restricted stock awards will vest in full on the second anniversary of the grant date.
Based in Cary, N.C., The Pantry is a leading independently operated convenience store chain in the southeastern United States and one of the largest independently operated convenience store chains in the country. Its stores offer a broad selection of hot and cold beverages, snacks, fresh foods and gasoline as part of a wide assortment of merchandise and services that support consumer on-the-go lifestyles. It operates more than 1,650 stores in 13 states under select banners, including Kangaroo Express, its primary operating banner. The Pantry's Kangaroo Express stores are located in Alabama, Florida, Georgia, Indiana, Kansas, Kentucky, Louisiana, Mississippi, Missouri, North Carolina, Tennessee, South Carolina and Virginia.
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