The Pantry Goes on the Offensive in Board of Director Battle

CARY, N.C. -- In a letter sent out with its definitive proxy materials in connection with the company's 2014 Annual Meeting of Stockholders, The Pantry Inc. asks shareholders to vote for its slate of nine board of director nominees.

The nine nominees are: Robert F. Bernstock, Thomas W. Dickson, Wilfred A. Finnegan, Kathleen Guion, Dennis G. Hatchell, Edwin J. Holman, Terry L. McElroy, Mark D. Miles and Thomas M. Murnane.

"Your board of directors and management team are focused on creating value for all stockholders of The Pantry through the continued implementation of our strategy, which balances prudent cost management with targeted initiatives to strengthen The Pantry's presence in high-value, high-demand markets," the company stated in the letter. "Since 2012, when your board installed the company's leadership team led by President and CEO Dennis Hatchell, The Pantry has successfully executed plans to improve performance and unlock the potential of our powerful convenience store platform. We have made significant progress and we are confident that The Pantry is well positioned for continued growth and success."

Dickson, former CEO of Harris Teeter Supermarkets Inc., is the highest-profile new candidate among the group.

At the same time, JCP Investment Management LLC and Lone Star Value Management LLC -- which have joined forces to form Concerned Pantry Shareholders (CPS) -- filed a letter with the U.S. Securities and Exchange Commission that officially encouraged The Pantry's shareholders to vote for its three board of director candidates: Todd E. Diener, former executive officer of Brinker International Inc.; James C. Papas, managing member of JCP Investment Management; and Joshua A. Schechter, director of Adrenas Co. Ltd.

The Pantry rejected CPS' board nominees, citing the lack of "particular experience and expertise that the company is seeking in director candidates at this time."

Board of director candidates will be voted on at The Pantry’s annual meeting at the Raleigh Marriott Crabtree Valley in Raleigh, N.C., on March 13.

To read The Pantry’s full letter to its shareholders, click here.

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