Core-Mark Implements Leadership Succession Plan

Perkins to succeed Walsh, who is retiring in January 2013, as president, CEO

Angel Abcede, Senior Editor/Tobacco, CSP

SOUTH SAN FRANCISCO, Calif. -- J. Michael Walsh, president and CEO of Core-Mark Holding Co. Inc., a major marketer of fresh and broad-line supply solutions to the convenience retail industry, will retire on Jan. 18, 2013, as part of a multi-year succession plan.

As reported in a Raymond James/CSP Daily News Flash on Tuesday, Thomas B. Perkins, Core-Mark's senior vice president of resources, will succeed Walsh. In connection with his promotion to president and CEO, Perkins, 53, will be appointed to the company's board. Walsh will remain on the board following his retirement from management.

"In the future, I will continue to serve on Core-Mark’s board and will be encouraging, supporting and assisting Tom Perkins, our incoming CEO, in any way that the company deems appropriate," Walsh told CSP Daily News. "Tom has enjoyed a very productive career at Core-Mark for the past 19 years, serving in multiple capacities, and he has a solid understanding of the business, our customers and our vision. Tom will continue driving our key strategies to deliver superior value for our customers."

(For Walsh's reflections on his time with Core-Mark and on the c-store industry, see tomorrow's issue of CSP Daily News.)

Perkins has served as Core-Mark's senior vice president of resources since 2007, as vice president of U.S. divisions from 2003 to 2007, president of the Arizona distribution center from 2001 to 2003, president of the Spokane, Wash., distribution center from 1996 to 2000 and controller of the Los Angeles distribution center from 1993 to 1996.

Prior to joining Core-Mark, he was a controller with Pepsi-Cola Co. from 1989 to 1993 and a CPA and consultant with Arthur Andersen from 1985 to 1987.

In his current role, Perkins leads the team providing IT, HR and operations support services to all operating divisions. He also plays a role in a variety of activities across the company, including strategy development, business and corporate development, marketing, customer relationship management, pricing analyses, bidding and profitability reviews.

Perkins has an established track record of increasing sales and profits in each of the operating entities he has led within Core-Mark. He was the manager responsible for the company's efforts into third-party logistics, involving the successful planning, startup and subsequent operations of a major distribution center in Arizona.

Recently, he was in charge of planning, mobilizing and creating the infrastructure in an extremely short timeframe that resulted in the successful supply of more than 1,000 stores located in the southeastern United States, leading to approximately $600 million of new annualized revenue.

Walsh has served as Core-Mark's president and CEO since March 2003. During his tenure, Core-Mark reached many major financial and operational milestones, while also significantly expanding its corporate infrastructure.

Under Walsh's leadership, the company also completed several acquisitions, including Klein Candy, AMD, Finkle Co. and Forrest City Grocery, and built two new ground-up facilities in Toronto and Tampa to serve convenience retailers.

"On behalf of the entire board of directors, I want to thank Mike for his tireless efforts spanning two decades in which he helped to build Core-Mark into an industry leader, and I look forward to continuing to work with him closely on the board in the years ahead," said Randy Thornton, chairman of Core-Mark's board. "We are also very pleased to name Tom as the company's next president and CEO. After nearly 20 years with the company, he knows Core-Mark's day-to-day business inside and out and has been integral to the company's success. In addition to his breadth of skills and experience, including the insights he gained through the company's tailored management development program, Tom's strategic contributions and proven leadership abilities make him an excellent choice to lead Core-Mark into the future. We are confident that under Tom's stewardship, Core-Mark will continue to deliver superior value for customers and shareholders."

South San Francisco, Calif.-based Core-Mark offers a full range of products, marketing programs and technology solutions to approximately 29,000 customer locations in the United States and Canada through 27 distribution centers (excluding two distribution facilities the company operates as a third party logistics provider). Core-Mark services traditional convenience retailers, grocers, drug, liquor and specialty stores, and other stores that carry convenience products.

Angel Abcede, CSP/Winsight By Angel Abcede, Senior Editor/Tobacco, CSP
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