SANFORD, N.C. -- The Pantry Inc. has appointed Paul Moody to the position of vice president of The Pantry's Group Eagle operations. Moody assumes operational responsibility for more than 750 stores in the company's southern territory in Florida, Georgia, Alabama, Mississippi and Louisiana.
He willbe basedout of the Jacksonville, Fla., office, the company said.
Previously, Moody was region vice president for The Pantry in the South Carolina market. Moody brings to this position more than 29 years of high-level retail operations [image-nocss] management experience.
Paul's focus on people development and empowerment will be a perfect fit for the continued growth plan of The Pantry, David Zaborski, senior vice president operations, told CSP Daily News.
Moody's new territory has been a very active area for The Pantry lately. In mid-February, the chain acquired 24 Sun Stop convenience stores in Florida, Georgia and Alabama from Southwest Georgia Oil Co. Inc. These stores, which generated revenues of approximately $110 million in 2005, marked the company's initial entry into the Tallahassee, Fla., and southwest Georgia markets.
The company also recently acquired eight c-stores in Gainesville and Ocala, Fla., from Rousseau Enterprises, Inc. Those stores operate under a variety of banners, including LeStore, and generated revenues of approximately $21 million in 2005.
In addition, The Pantry also recently completed the acquisition of a c-store in the Naples, Fla., marketits second store in that market. Separately, the company recently entered into definitive agreements to acquire two additional c-stores in the Naples market, as well as a single store in Louisiana. These acquisitions, which are subject to regulatory approvals and other customary closing conditions, are expected to close in the company's third fiscal quarter.
Meanwhile, on March 20, The Pantry accepted the notification of retirement of Joseph A. Krol, the vice president of corporate operations. According to a Securities & Exchange Commission (SEC) filing posted March 26, Krol announced his intent to retire the previous week. The company chose to accelerate Mr. Krol's retirement by exercising its right to terminate his employment without cause. According to the filing, Krol is entitled to 12 months of severance pay if he does not accept a position with another company.
Given the nature of Mr. Krol's impact on the company during his tenure, the company has decided to accelerate Mr. Krol's retirement by exercising its right to terminate Mr. Krol without cause pursuant to Section 3.2 of Mr. Krol's employment agreement with the company, dated May 3, 2003, the filing said.
Headquartered in Sanford, N.C., The Pantry is the leading independently operated c-store chain in the southeastern United States and one of the largest independently operated c-store chains in the country, with revenues for fiscal 2006 of approximately $6 billion. As of March 1, 2007, it operated 1,558 stores in 11 states under select banners, including Kangaroo Express, its primary operating banner.
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