Marks, 49, is a seasoned executive with more than 21 years of experience serving the convenience, grocery, mass [image-nocss] merchant and quick-serve restaurant industries. As president of Coca-Cola Enterprises North American Group from 2005 to 2008, Marks directed all sales, marketing, finance, operations, manufacturing, distribution, supply chain and human resources for a $15 billion enterprise with 55,000 employees in 400 facilities. From 1987 to 2004, Marks held various positions in sales, operations, finance and general management during his long career at CCE.
"After an extensive search process, which included consideration of a number of highly qualified internal and external candidates from various industries and backgrounds, the board is delighted that Terry will be joining The Pantry as president and CEO," said Thomas M. Murnane, lead director and chairman of the search committee.
"Terry is a proven dynamic leader who possesses a unique blend of operating experience, strategic vision and brand-building expertise. His broad industry knowledge, coupled with his extensive background as a professional manager, make him ideally suited to lead the company as it continues to grow and evolve. The board is very appreciative of the leadership that Pete Sodini has provided in building this business into what it is today, and is confident in Terry's ability to lead us into the future," he added.
Marks said, "I am excited about joining The Pantry and the opportunity to lead this business. The Pantry is already one of the largest chains in the industry and has tremendous potential to continue to grow and become a best-in-class operator. My initial focus will be to work with the board and the management team to refine our strategic vision and prioritize our investments to drive shareholder value."Sodini (pictured) announced his retirement in late April. In a press release at the time, he said, "I have now spent over 10 years with The Pantry and am proud of what we have accomplished. Ultimately, however, the board and I discussed the company's succession plan and we decided now was the right time to implement it. I look forward to working with the board to assure a seamless transition, and I continue to remain enthusiastic about the company's opportunities and prospects in the years to come."
At the time, Murnane told CSP Daily News that Sodini's decision to retire was the result of ongoing succession planning and discussions between him and the board. "Pete's been there 12-plus years at this point," citing Sodini's readiness to retire. "His contract expires at the end of September, and at this point.... Pete and the board working together have decided that in order to have an orderly transition to a new CEO, that this was the right time to implement our succession plan so that we would have adequate time to have a very orderly transition."
He added, "Pete's been an outstanding CEO, and he's done a great job. Pete's commitment to this company and its people is unmatched. All of us who have worked with Peter throughout the years have benefited from his leadership, his selfless commitment to the company and his foresight. He leaves The Pantry with many core strengths, and we are grateful for his dedicated service." (Click here for previous coverage.)
CSP magazine reported on Sodini's impending departure in June. Sodini's formal departure comes at a good time, it said. With $242 million on hand from a period of higher-than-normal gasoline margins, The Pantry has returned to its M&A roots, but this time with a more discerning palate. The company is financially strong, having paid down its debt, opting for a "balanced" growth strategy that's more in line with today's recession-embattled times.
Sodini has said that he expects the new leader to embrace the company's tuck-in acquisition model as well as have the ability to manage long-term investments and outlook.
Click hereto read the complete story from CSP magazine.Headquartered in Cary, N.C., The Pantry is the 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 August 27, 2009, the company operated 1,679 stores in 11 states under select banners, including Kangaroo Express, its primary operating banner.
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