Sodini Elected Chairman of Pantry Board
Murnane named lead independent director
SANFORD, N.C. -- The Pantry Inc. said that President and CEO Peter J. Sodini has been elected chairman of the board. In addition, Thomas M. Murnane has been elected lead independent director.
Sodini has been president and CEO since 1996, and a director since 1995. He has chaired meetings of the company's board since 1996.
Previously, he was CEO and a director of Purity Supreme Inc. for more than four years, and held executive positions at several other supermarket chains earlier in his career.
Speaking [image-nocss] on behalf of the board, Murnane said, We would like to thank Pete Sodini for his dedication to The Pantry over the last decade, and congratulate him and his executive team on the results they have produced for our shareholders. Electing Pete to the additional position of chairmanis a well-deserved acknowledgement of his longstanding leadership roles in the company's management and in board deliberations, and is a natural part of the board's transition following Freeman Spogli & Co.'s sale of its interests in the company last year.
Murnane has served as a director of The Pantry since October 2002 and chairs its Corporate Governance & Nominating Committee. He retired as a partner of PricewaterhouseCoopers LLP in 2002 and currently works as an outside consultant. During his 22-year career with PricewaterhouseCoopers and its predecessors, he served in a variety of client service and leadership roles, focused primarily on the retail sector. He is currently a partner in ARC Business Advisors, providing strategic consultation to retailers, as well as branding and private equity firms. Murnane is also a director of Finlay Enterprises Inc., Pacific Sunwear of California Inc. and Captaris Inc.
All of The Pantry's current directors except Sodini are independent of the company and its management. As lead independent director, Murnane will act as principal liaison between the independent directors and chairman on board and corporate governance matters.
Sodini said, Tom Murnane has contributed valuable input to the board on numerous occasions over the last three and a half years. With his broad experience as a business consultant, Tom is in an excellent position to ensure that the board maintains the discipline and independent perspective required to safeguard our shareholders' interests.
In other company news, The Pantry announced that it has filed an automatic shelf registration statement with the Securities & Exchange Commission (SEC) with respect to the resale by holders thereof of the $150 million aggregate principal amount of 3% senior subordinated convertible notes due 2012 (and the shares of common stock issuable upon conversion of the notes) that the company had issued in a private placement in November 2005.
The shelf registration statement was filed in satisfaction of The Pantry's obligations under a registration rights agreement entered into in connection with the private placement. Because The Pantry filed the shelf registration statement under new SEC rules for well-known seasoned issuers, the shelf registration statement was automatically effective upon filing. The prospectus included in the shelf registration statement will be used by those selling security holders named therein to resell their notes and the shares of common stock issuable upon conversion of the notes.
Headquartered in Sanford, N.C., The Pantry is a leading independently operated convenience store chain in the southeastern United States and one of the largest independently operated c-store chains in the country, with net sales for fiscal 2005 of about $4.4 billion. As of Dec. 29, 2005, it operated 1,401 stores in 11 states under banners including Kangaroo Express, its primary operating banner, Golden Gallon and Cowboys.