As Terrance Marks steps down on Oct. 5, Edwin Holman, chairman of the Pantry’s Board, to take the helm as CEO.
On Sept. 14, 2011, the Board of Directors of The Pantry Inc. appointed Edwin Holman to act as interim CEO, effective Oct. 5, 2011, the date of resignation for the current CEO Terrance Marks.
While Holman serves as interim CEO, he will continue to serve as a member and chairman of the Pantry’s Board. The Board also appointed Wilfred Finnegan to serve as independent lead director of the Board while Holman serves as the interim CEO.
Holman, age 64, has served on the Pantry’s Board since October 2005 and as chairman of the Board since September 2009. From March 2010 to the present, Holman has served as the non-executive chairman of RGIS International, which provides retail inventory solutions. Previously, Holman served as chairman and CEO (2004-Aug. 31, 2009) of Macy’s Central, a division of Macy’s Inc. that operates 217 department stores in the Midwest and Southern U.S. He also served as president and CEO of Galyan’s Trading Co., a public company (2003-2004).
Previously, Holman was the president and chief operating officer of Bloomingdale’s (2000-2003), a division of Federated Department Stores Inc.; president and chief operating officer of Rich’s/Lazarus/Goldsmiths divisions, a division of Federated Department Stores Inc. (1999-2000); Chairman and CEO of Petrie Retail Inc. (1996-1999); president and chief operating officer of Woodward & Lothrop (1994-1996); vice chairman and chief operating officer of The Carter Hawley Hale Stores; and a senior operating executive of The Neiman Marcus Group. In addition, Holman has also served as an independent director on the boards of Office Max (2003) and Circle International (1994-2000), both public companies. As of Jan. 18, 2010, Holman also serves on the Board of Directors of La-Z-Boy, a public company.
While acting as interim CEO, Holman will receive an annualized base salary of $700,000, payable in accordance with the Pantry’s payroll practices, and a restricted stock grant on Oct. 5, 2011 with a fair market value on the grant date of $100,000. The restricted stock will fully vest on Oct. 5, 2012, provided Holman continues to serve as either an employee or director of the Pantry. While he serves as the interim CEO, Holman will not be eligible to participate in the Pantry’s independent director compensation program, annual incentive plan for employees or long-term incentive plan for employees.