JACKSONVILLE, Fla. -- Effective January 3, Herb Peyton has retired as president of Gate Petroleum Co., succeeded by his son, John Peyton, the petroleum executive said. He will become chairman. He has also named T. Mitchell Rhodes as chief operating officer.
"As Gate Petroleum Co. commemorates more than 50 years in business and I turn 80 this month, I have decided to step back to a less-active role," he wrote in a letter to employees.
He added, "I believe this is the time for Gate to transition to the next generation. I am sure you have observed family businesses where founding owners have been unable to gracefully transition leadership. I am determined not to let that happen in our company. I am absolutely confident John's experiences both within and outside the company ideally suit him to meet the challenges of managing this organization."
John Peyton was a two-term mayor of Jacksonville, Fla., where Gate Petroleum is based, from 2033 to 2011. In 2009, when asked about his plans for when his term ended, he told the Financial News & Daily Record, "I'm going back to Gate and rejoin the family business. I'm looking forward to that. I told dad that he has saved a lot of money because he hasn't had to pay me for eight years. I think my father is very eager to retire. He wasn't excited about me running for a second term. If it had been his choice, I would have gone back sooner."
And he told the Jacksonville Business Journal yesterday, "Herb Peyton has built a strong company through great instinct, courage and determination. Now with extraordinary people and great assets, I look forward to building upon the success from the first 50 years."
John Peyton worked at Gate Petroleum from 1989 to 2002 as manager of the Florida retail division and later as vice president.
A second-generation GATE employee, Rhodes has been an integral force in the growth and development of Gate's convenience store operation. He joined the company in 1966 as a service station attendant and has served the company in various capacities. Most recently president of the Gate Marketing Division, he has overseen two retail divisions in five Southeastern states. In this capacity, he has been responsible for all operations of the stores including acquisition and construction of new units, remodeling and renovating existing units and day-to-day business.
Herb Peyton said Rhodes "will continue to lead Gate Marketing, but will also be involved in managing all operating divisions. His wealth of institutional knowledge and experience will compliment the management team."
Concerning his retirement, Herb Peyton said, "Several folks have asked me where I will go and what I will do. Frankly, I am not sure, but training and fitness will continue right on. I am certain, however, about what I am not going to do. I am not going to be a distraction to management. I will not be involved with day-to-day operation of the company or second guess that decisions that are made. I will help when needed and offer advice when asked--and on occasion, when not asked."
According to the timeline included in the letter, the company opened first Gate service station in North Jacksonville, Fla., in 1960. In the 1970s and 1980s, it expanded convenience stores into Georgia, South Carolina, North Carolina, Kentucky, Virginia, Tennessee, Virginia and Louisiana. It acquired 28 7-Eleven stores in the Jacksonville market in 1990.
Gate Petroleum Marketing division, the core business of Gate Petroleum Co., operates more than 225 company-owned and dealer gas station/convenience store locations in the Southeast. It has total petroleum product sales of one million gallons a day. The retail business is divided into two operating divisions--the northern division operates from Charlotte, N.C., while the southern division operates from Jacksonville. Nonpetroleum-related businesses include resorts, real estate and construction materials divisions.
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