The Pantry Loses a Member of Its Executive Team
CARY, N.C. -- The makeup of The Pantry Inc.'s executive team is set to change as Joseph Venezia, senior vice president of operations, moves on from the locally based company.
According to a Form 8-K report that The Pantry filed with the Securities and Exchange Commission, Venezia submitted his resignation on Monday and it will become effective Feb. 14. He is leaving to pursue another career opportunity, although the form does not include specifics.
Venezia joined The Pantry in September 2012 to lead its store operations and focus on driving sales, improving store productivity and leading the store operations team.
Prior to The Pantry, he held positions at TitleMax Inc. and Wal-Mart Stores Inc., where he served in several regional general manager positions before being appointed division president for the Northeast division. In the Northeast division, he was responsible for 420 stores and more than 100,000 employees. He also worked as president and general manager for Wells Fargo Merchant Services and as a brand manager for Procter & Gamble.
Venezia's resignation comes at a time when The Pantry is facing a fight over appointments to its board of directors. A group called Concerned Pantry Shareholders (CPS) was formed last month in a bid to help boost the retailer's stock price. The group, led by Houston investment groups JCP Investment Management LLC and Lone Star Value Management LLC, holds a combined 1.9 percent of The Pantry's stock.
Its first action was to propose three new members to The Pantry's board of directors. The c-store retailer quickly rejected the three candidates, citing a lack of industry experience. CPS also believes the best option to boost The Pantry’s stock could be the formation of a real estate investment trust, as CSNews Online previously reported.
Shareholders will cast votes regarding board of director nominees during The Pantry's annual meeting on March 13.
The Pantry operates 1,548 convenience stores in 13 states under select banners, including its primary banner Kangaroo Express. It also operates 222 quick-service restaurants.