Edwin Holman, chairman of The Pantry’s Board of Directors, is expected to take the helm in the interim while a new CEO is retained.
The Pantry Inc. has announced that Terrance Marks, CEO and director of the company, has informed the Board of Directors of his intention to resign. The Board of Directors has formed a committee to immediately begin the search for a new CEO.
Marks will continue in his role as CEO of the Pantry for up to 60 days and will work with Edwin Holman, chairman of the Board of Directors, on the leadership transition. Pursuant to a plan previously adopted by the Board of Directors, upon Marks’ departure, Holman will be named and assume the position of interim CEO to serve until a successor has been retained by the company.
“I am very proud of our accomplishments over the last two years and I depart with great confidence in this team’s ability to continue making meaningful progress against the company’s strategic initiatives,” said Marks. “My decision to leave was difficult, but ultimately driven by personal considerations. I was recently approached with, and accepted, an opportunity that will enable me to return to my home and family in Atlanta. I remain as enthusiastic as ever about The Pantry’s future and look forward to working with the board to assure a seamless transition.”
“The board of directors and I would like to thank Terry for his leadership and fully support the strategic initiatives he brought to the company. He will be leaving The Pantry well positioned for the future,” Holman said.
Headquartered in Cary, N.C., The Pantry Inc. operates 1,655 stores in 13 states under select banners, including Kangaroo Express.