The Pantry Inc.'s CEO Stepping Down

CARY, N.C. -- There will be a changing of the guard at The Pantry Inc. now that CEO Terrance Marks has told the board of directors he plans to resign his post.

Marks, who also serves as director of the convenience store company, will continue in his role as chief executive officer for up to 60 days and will work with Edwin J. Holman, chairman of the board of directors, on the leadership transition. Pursuant to a plan previously adopted by the board, upon Marks' departure, Holman will be named and assume the position of interim CEO to serve until a successor is named.

"I am very proud of our accomplishments over the last two years and I depart with great confidence in this team's ability to continue making meaningful progress against the company's strategic initiatives," Marks said in a company statement this morning. "My decision to leave was difficult, but ultimately driven by personal considerations. I was recently approached with, and accepted, an opportunity that will enable me to return to my home and family in Atlanta. I remain as enthusiastic as ever about The Pantry's future and look forward to working with the board to assure a seamless transition."

The board has already formed a committee to immediately begin the search for a new CEO. "The board of directors and I would like to thank Terry for his leadership and fully support the strategic initiatives he brought to the company. He will be leaving The Pantry well positioned for the future," Holm said.