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Convenience USA LLC, operator of more than 250 convenience stores, said Chief Executive Don Draughon and Tom Turner, president and chief financial officer, have elected to leave the Durham, N.C.-based chain to pursue other interests.
In a statement, the company said the departure of Draughon and Turner would result in a restructuring of corporate headquarters to include the following:
* Jan Friederich has been retained by the company as a Restructuring Officer. Friederich will serve as acting CEO.
* Charles W. Ford Sr. has been promoted to president and chief operating officer. Ford will be responsible for the day to day operations of the company and report directly to Friederich.
Since filing for Chapter 11 bankruptcy in July, Convenience USA has performed. The company's cash flow is positive and can be expected to remain so. Under Friederich's leadership, the company expects to conduct a complete review of strategic alternatives to maximize the value of the company.
"The management team of Convenience USA is determined to create value by operating the company based on a business plan that produces the maximum efficiencies and returns the company to profitability," the company said in a statement.