CST Brands, Hess Add New Board Members
SAN ANTONIO and NEW YORK -- The Pantry Inc. is not the only convenience store-related business that named new members to its board of directors this week.
Stephen Smith, former co-CEO of Toronto-based restaurant chain Cara Ltd., was named to CST Brands Inc.’s board of directors, while Terrence J. Checki, a management committee member at the Federal Reserve Bank of New York, joined Hess Corp.’s board.
According to San Antonio-based CST Brands, parent company to 1,040 Corner Store convenience stores in the United States and 843 Dépanneur du Coin locations in Canada, Smith is an excellent fit for its board of directors as the company builds up its footprint in Canada.
“We are thrilled to add an individual with Stephen’s background to our board," said Kim Bowers, CEO of CST Brands. “With a significant portion of CST Brands’ operations in Canada, Stephen’s 25 years of experience in consumer service industries in Canada will be invaluable as we continue to grow our presence there.”
Meanwhile, Checki is stepping down from his post as one of the senior-most officials at the New York Fed to join New York City-based Hess’ board of directors, effective May 1. He began his career at the New York Fed in 1967 and was named an executive vice president in 1995. During his tenure, he held positions in corporate, financial supervision, internal affairs and in the Office of the President.
“I am honored to have the opportunity to join the world-class Hess board,” said Checki. “I look forward to working together with the board and management as the company continues to successfully execute on its strategy to drive growth and increase shareholder value.”
Checki is replacing John Krenicki Jr. on the board. According to Hess, Krenicki is resigning due to other professional commitments as a partner of Clayton, Dubilier & Rice LLC.
“Hess has had a remarkable year since I joined the board and I am proud to have played a role in its success,” said Krenicki. “I enjoyed my time working alongside this outstanding group of directors, whom I wish well.”
Hess continues to undergo a transformation to an oil exploration and production company. The main hurdle left to accomplish this is the spinoff or sale of Hess’ retail division, consisting of more than 1,300 gas stations and c-stores. Hess has stated that a spinoff to shareholders will be completed by mid-2014, but it continues to concurrently field offers to sell its retail division.