The Pantry's Grocery Gambit
C-store chain under fire for lacking in-channel leadership nominates supermarket exec to board
"Tad Dickson's significant executive retail experience in the southeastern U.S. makes him highly qualified to serve as a member of our board of directors," said Edwin J. Holman, chairman of The Pantry's board. "Through his longstanding career at and leadership of Harris Teeter, Tad has a deep understanding of our industry and the region in which we operate, as well as substantial public company board experience. We are delighted that Tad has agreed to serve, if elected, as a new, independent director on The Pantry's board and look forward to benefiting from his insights as we continue to position the Company for future growth and success."
In announcing his departure from Harris Teeter as it merges with Kroger, Kroger CEO W. Rodney McMullen said of Dickson: "Tad has done an outstanding job as the CEO for the past 16 years. During his tenure as CEO, the management team of Harris Teeter has more than doubled the sales of the company and increased the operating profit fourfold by building over 100 new stores, expanding into new markets and improving the overall operating performance of the company.”
Dickson said, "I am very excited to have the opportunity to serve on The Pantry's board of directors. The Pantry's management team has made great strides in realigning the company's strategic priorities to take advantage of the favorable operating environment, and, if elected, I look forward to helping to oversee the continued successful execution of the strategic plan."
Concerning CPS' nominees, The Pantry said in a press statement, "After carefully evaluating several individuals put forward by the dissident group, we have determined that they do not possess the particular experience and expertise that the company is seeking in director candidates at this time."
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. As of Jan. 23, 2014, the company operated 1,537 stores in 13 states under select banners, including Kangaroo Express, its primary operating banner.