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CARY, N.C. -- The Pantry Inc. will once again launch an executive search now that CFO Mark Bierley plans to leave the company, effective May 25.
His resignation makes him the fourth high-level executive to leave the company in less than a year. The turnover began in June 2011 when Brad Williams, former senior vice president of operations, tendered his resignation. The move was followed two months later by former CEO Terry Marks. Most recently, in March, David Henniger, former marketing vice president, announced he was leaving as well.
"As The Pantry works toward improving its in-store offering, the challenging macro backdrop and leveraged balance sheet remain headwinds to success. With the late 2011 resignation of CEO Terrence Marks and appointment of Dennis Hatchell in mid-February of 2012 to replace Mr. Marks, the announcement this morning that CFO Mark Bierley would depart effective May 25 was no real surprise," said Irene Nattel, an analyst with RBC Capital Markets. "We do not believe Mr. Bierley's resignation signals anything untoward with regard to The Pantry's financial state."
According to The Pantry, Bierley has accepted a position near his home in Michigan. The operator of Kangaroo Express will begin looking for a new CFO immediately, with Berry L. Epley, vice president and corporate controller, assuming Bierley's responsibilities until a successor is named.
"Mark has made tremendous contributions as CFO of the company and will be missed. However, we understand his desire to return to his home and family in Michigan and wish him success in his new position," The Pantry CEO Dennis G. Hatchell said in a statement.
By leaving at the end of May, Bierley will continue to serve as CFO until after the filing of the company's quarterly report on Form 10-Q for the quarter ended March 29, 2012, the company added.
Bierley came to The Pantry as senior vice president and CFO on in September 2010. Prior to joining the company, he was with Borders Group, Inc. from 1996 until August 2010, serving as COO and CFO since June 2010, and executive vice president and CFO from January 2009 until June 2010. He served as senior vice president, finance at Borders from 2003 through 2008.
Bierley also held positions in financial departments for Dunham's Athleisure Corporation and Federal-Mogul Corporation. He began his career as an auditor for PricewaterhouseCoopers LLP.
His resignation comes two months after Hatchell took title to the president and CEO role. The company's board of directors named Hatchell to the position after a nearly six-month search after former CEO Terry Marks announced his resignation late last summer. Similarly to Bierley, Marks left the company to accept a position near his family in Atlanta, as CSNews Online previously reported.