Retail News Breaks
New CEO takes reins at A&P
March 24th, 2014
CAMP HILL, Pa. – Struggling regional food and drug retailer A&P has appointed chief operating officer Paul Hertz as president and chief executive officer.
A&P said late last week that Hertz takes over the CEO post effective immediately. Executive chairman Greg Mays had been serving as interim CEO following the resignation of Sam Martin early this year.
A 27-year veteran of the retailing industry, Hertz joined A&P in 2010 as executive vice president of operations.
"I look forward to working with the board of directors and the talented associates of A&P in this new capacity," Hertz said in a statement. "A&P is a valuable franchise and a cornerstone in the communities in which we operate."
Hertz began his retail career in 1987 as a manager with Fred Meyer Inc., a division of Kroger Co. He has held senior executive positions at Wild Oats Markets, Shopko Stores and Fred Meyer. Before coming to A&P, he was executive vice president of retail stores for OfficeMax, which he joined in 2007.
"Paul and his team made significant progress in 2013 in improving both the company's operating and financial results," Mays stated. "We believe that 2014 also holds great promise for further accomplishments. We expect to capitalize and improve upon last year's performance, which will result in a stronger company and greater value for the company's stakeholders."
Martin had joined A&P as president and CEO in July 2010 following the exit of Ron Marshall, who left the company after just months in the CEO post. Previously, Martin was COO at OfficeMax.
A&P filed for Chapter 11 bankruptcy protection in December 2010 after turnaround efforts failed to improve financial results. The company emerged from Chapter 11 in March 2012 as a privately held company with a smaller store base and, company officials said at the time, a sharper focus on its core markets. A number of merchandising and marketing initiatives followed, including an ad campaign in May 2012 that positioned Martin as the primary spokesman and touted the chain as a neighborhood food and drug chain.
Overall, A&P operates more than 300 stores, more than half with pharmacies, in six Northeastern and Mid-Atlantic states under the banners A&P, Food Basics, The Food Emporium, Pathmark, Superfresh, Waldbaum's and Best Cellars.
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