Two Retailers Retain, Promote Company Leaders
Casey’s extends CEO’s contract; Delek US creates chairman position
ANKENY, Iowa, & BRENTWOOD, Tenn. -- Casey’s General Stores Inc. and Delek US Holdings each made moves this week to retain their top executives.
Casey’s General Stores extended the contract for its president and CEO Robert Myers for another two years.
Myers’ term of employment was scheduled to expire on April 30, 2013. An amendment to his employment agreement extends his tenure through April 30, 2015.
The new contract also provides a $330,000-per-year retirement benefit payable to Myers for up to 10 years upon retirement.
Myers, who is 65, earns a salary of about $800,000, plus stock awards and other compensation. He has been associated with the company since 1989 and became CEO in June 2006. He added the title of chairman of the board earlier this year.
Ankeny, Iowa-based Casey’s General Stores operates 1,700 convenience stores in 12 Midwestern states.
Meanwhile, the board of directors of Delek US Holdings elected Uzi Yemin to serve in the newly created position of chairman of the board.
Yemin has served as CEO of Delek US since June 2004 and as president and a director since April 2001. Yemin will continue in his role as president and CEO with the added title.
This came as the petroleum refining, retail and logistics company based in Brentwood, Tenn., declared a special cash dividend of 10 cents per share.
“We are pleased to announce our fourth special dividend this year. We believe that this announcement combined with our recent 166% increase in our regular quarterly dividend demonstrates our board’s commitment to return value to our shareholders,” said Yemin. “The strong cash flow generation we experienced during first nine months of 2012 has continued throughout the fourth quarter. This environment has allowed us to increase dividends, invest in our business for future growth and improve our balance sheet to a net cash position. We remain well positioned for additional growth during 2013 and will continue to focus on business performance, leveraging our strong free cash flow and returning value to our shareholders.”
Delek US Holdings Inc. supplies fuels and merchandise through a network of 372 company-operated convenience store locations operated under the MAPCO Express, MAPCO Mart, East Coast, Fast Food and Fuel, Favorite Markets, Delta Express and Discount Food Mart brand names.