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CARY, N.C. -- The Pantry Inc. has turned to a member of its board of directors, Edwin J. Holman, to serve as interim chief executive officer. The appointment was made Sept. 14 and becomes effective Oct. 5.
The position became vacant when current CEO Terry Marks announced his resignation from the post he held for two years. Marks is heading home to Atlanta to serve as CEO of Hooters of America LLC, as CSNews Online previously reported.
Holman has been a member of the company's board since October 2005 and has served as its chairman since September 2009. From March 2010 to the present, Holman has served as the non-executive chairman of RGIS International, which provides retail inventory solutions.
He has extensive retail experience, including serving as chairman and CEO of Macy's Central, a division of Macy's Inc. that operates 217 department stores in the Midwest and Southern United States, and as president and CEO of Galyan's Trading Co. He has also held top positions at Bloomingdales, Rich's/Lazarus/Goldsmiths divisions, Petrie Retail Inc., Woodward & Lothrop, The Carter Hawley Hale Stores, and The Neiman Marcus Group.
In addition, Holman has also served as an independent director on the boards of Office Max and Circle International. And as of Jan. 18, 2010, Mr. Holman also serves on the board of directors of La-Z-Boy.
While Holman takes the helm as interim CEO, Wilfred A. Finnegan will serve as independent lead director of the board.
While acting as interim CEO, Holman will receive an annualized base salary of $700,000 and a restricted stock grant on Oct. 5, 2011 with a fair market value on the grant date of $100,000. The restricted stock will fully vest on Oct. 5, 2012, provided Holman continues to serve as either an employee or director of The Pantry.