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SANFORD, N.C.-- Chairman and CEO of The Pantry Inc., Peter J. Sodini, will retire from his position at the company Sept. 30, 2009, at the expiration of his current contract.
"I have now spent over 10 years with The Pantry, and am proud of what we have accomplished," Sodini said in a statement. "Ultimately, however, the board and I discussed the company’s succession plan and we decided now was the right time to implement it. I look forward to working with the board to assure a seamless transition and I continue to remain enthusiastic about the company’s opportunities and prospects in the years to come."
The company's board of directors formed a search committee, and expects to have a new CEO in place by the expiration, the company stated. The search committee will review external and internal candidates. A call to Sodini for more information was unreturned by press time.
"Pete’s commitment to this company and its people is unmatched," Thomas M. Murnane, lead director, said in a statement. "All of us who have worked with Peter throughout the years have benefited from his leadership, his selfless commitment to the company and his foresight. He leaves The Pantry with many core strengths, and we are grateful for his dedicated service."
Meanwhile, The Pantry promoted Frank G. Paci to executive vice president of business operations. Paci has held the role of senior vice president of finance, Chief Financial Officer and secretary, since his hiring in June 2007, according to the company. Paci will continue to serve in those capacities, and will assume additional responsibilities for acquisitions and legal affairs.
"Almost two years ago, Frank joined us and since then he has been an integral part of The Pantry’s senior management team," said Sodini. "I am delighted to see him taking on these additional responsibilities."
Prior to joining The Pantry, Paci worked at Blockbuster Inc. where he served as executive vice president of strategic planning and business development.
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