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    Dairy Mart Names Management Team

    Former president and CEO Bob Stein resigns from the board of directors.

    Dairy Mart Convenience Stores Inc. continued its transition yesterday one month after the departure of the chain's president and CEO by appointing four executives to its new management team.

    In a separate announcement, Dairy Mart reported its former Chief Executive Bob Stein severed all ties with the Hudson, Ohio-based chain by resigning from the company's board of directors effective Aug. 22.

    Dairy Mart in July terminated an agreement to merge with DM Acquisition Corp., a group of investors headed by Stein, prompting his exodus as president and CEO.

    The company's restructuring began with the appointment of Gregory Landry as president and CEO of the 546-store chain. Also joining Dairy Mart's management team were:
    * Dale Fuller, vice president of administration and retail support services;
    * Jay Ross, vice president of marketing and merchandising;
    * Dale Valvo, vice president of retail operations; and
    * Gregg Budoi, formerly Dairy Marts treasurer, was promoted to vice president of finance, chief financial officer and treasurer.

    "As we move forward, I am very happy to have these high-caliber executives as part of our management team," Landry said. "Each individual will benefit the company greatly and contribute to our efforts in turning this company around."

    The company in March said it would jettison 246 stores, or 40 percent of its portfolio, to get out of the red. Dairy Mart reported losses of $2.5 million last year. Landry has not said whether he would continue that agenda, originally conceived under Stein's leadership.

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