Supermarket operator Great Atlantic & Pacific Tea Co., Inc. (GAP) Wednesday said that Ron Marshall will replace Christian Haub, the company's interim chief executive officer, as president and CEO, effective, February 8.
Great Atlantic said that Marshall has extensive experience with a track record of successful turnarounds. Marshall is joining Great Atlantic after serving as the CEO of Broders Group Inc. (BGP.N) for about one year. Marshall is credited with reducing debt at Borders, cutting expenses and gaining the confidence of the publishing community in the struggling retail chain.
Prior to Borders, Marshall served as CEO of food distributor and retailer Nash Finch. Marshall also served at Pathmark Stores Inc., as executive vice president and chief financial officer.
Commenting on the appointment, Christian Haub, executive chairman stated, "I'm looking forward to working together with Ron and the Yucaipa team to improve our immediate performance as well as develop strategies to drive sustainable success in the future."
During the recent quarter, Great Atlantic posted a wider loss, reflecting a decline in revenues due to lower spending by the consumers and impairment charges related to goodwill, trademark and long-lived asset.
The Montvale, New Jersey-based company operates 433 stores in 8 states and the District of Columbia under the trade names A&P, Waldbaum's, Pathmark, Best Cellars, The Food Emporium, Super Foodmart, SuperFresh and Food Basics.
GAP is currently trading at $8.05, down $0.05 or 0.62% on a volume of 392,646 shares on the NYSE.
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