ANKENY, Iowa -- Casey's General Stores Inc. confirmed Tuesday that its corporate secretary has resigned, said the Associated Press. John G. Harmon, 53, who also was a senior vice president of the company, entered a severance agreement dated January 17, according to documents filed with the Securities & Exchange Commission (SEC).
Harmon has been with the major regional convenience retailing company since 1976 and was named secretary/treasurer in 1998. His duties include overseeing mergers and acquisitions.
Company spokesperson Bill Walljasper said Harmon's decision to leave was [image-nocss] somewhat unexpected, but that Harmon decided to retire early. "He's been here a long time and has done a lot of great things for the company," Walljasper told AP. "He's certainly a strong reason for our growth over the last 32 years."
Harmon has agreed to assist the company in the transition as his duties are reassigned, Walljasper said. The agreement allows Harmon to collect his salary until April 30, as well as receive about 71% of any bonus that would have been awarded on June 30, among other considerations. Beginning May 1 and continuing for 20 years, Harmon will receive a portion of his salary. He will also receive group health insurance coverage for himself and his wife for 20 years or until Medicare coverage becomes available.
Ronald M. Lamb also announced his retirement recently as an executive officer of the company effective April 30, 2008. He has been employed by Casey's for more than 37 years, most recently as chairman of the Executive Committee. He will continue to serve as chairman of the board.
Casey's has been in an expansion mode in recent years acquiring other convenience store chains. The most recent acquisition included 33 HandiMart stores from Nordstrom Oil Co. of Cedar Rapids, Iowa, last year. The company said in December it plans to acquire another 50 stores and build 10 others by April 30.
Ankeny, Iowa-based Casey's operates approximately 1,450 convenience stores in nine Midwestern states. It also has 14 franchise stores.
Click hereto view the SEC filing.
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