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Spartan Stores' Announces Appointment of Dennis Eidson as Chief Executive Officer Under Company Succession Plan; Craig Sturken Remains Executive Chairman


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© Business Wire 2008
2008-10-16 02:59:02 -

- Spartan Stores, Inc., (Nasdaq:SPTN) announced effective today Mr. Dennis Eidson's appointment as President and Chief Executive Officer, pursuant to the succession plan previously announced on August 7, 2008. Mr. Eidson succeeds former CEO Craig C. Sturken, who will remain as Executive Chairman of the Board.

As CEO, Mr. Eidson will continue to focus on developing and executing the

Company's consumer-centric business strategies and leveraging the Company's distinct hybrid business model. In addition, he will also remain focused on identifying sustainable organic and prudent acquisition growth opportunities, and upholding the Company's highly motivated and performance driven corporate culture.

As Executive Chairman, Mr. Sturken will continue to manage board functions and facilitate interaction between the board and executive management. In addition, Mr. Sturken will coordinate with the CEO to develop and execute the Company's business strategy, cultivate a performance-driven corporate culture, mentor executive leadership, and assist in maintaining critical business relationships.

"I am extremely pleased to announce this important step in our Company's succession plan," stated Spartan's Executive Chairman, Mr. Craig C. Sturken. "Dennis is the right individual to lead our organization forward. He has been instrumental in developing, guiding and executing the business strategies that produced record fiscal 2008 profits and 10 consecutive quarters of double-digit operating earnings growth. He was also the chief architect behind our very successful marketing, merchandising and category management strategies that strengthened our market position and sustained our business performance."

"I am truly honored to be leading such an outstanding and cohesive organization, which has a proven record of successfully executing its strategic business plan and achieving profitable growth," said Mr. Eidson. "We have an exceptionally talented and hard working group of executives and associates who are firmly committed to the Company's long-term success. These attributes are fundamental to our long-term success and give us the capabilities and performance driven culture that will help us maintain a profitable growth path.

"Our long-standing objective has been to achieve profitable growth through a balanced combination of organic growth supplemented by prudent acquisitions," continued Mr. Eidson. "Our recently announced acquisition of VG's Food and Pharmacy is our third significant retail acquisition of an independent operator in less than three years. We have successfully integrated the first two retail acquisitions, improving the sales and efficiency of these operations, and becoming increasingly adept at the integration process and optimizing value from the acquired operations. In addition, we remain the exit strategy of choice for many of our distribution customers' retail operations. In the near-term, we will concentrate efforts on integrating our latest acquisition and driving organic growth through our capital investment program.

"I look forward to continuing our strong working relationship with all of our constituents, including our associates, Spartan's board of directors, shareholders, distribution customers, suppliers, and the communities that we serve," concluded Mr Eidson.

About Spartan Stores

Grand Rapids, Michigan-based Spartan Stores, Inc., (Nasdaq:SPTN) is the nation's tenth largest grocery distributor with warehouse facilities in Grand Rapids and Plymouth, Michigan. The Company distributes more than 40,000 private-label and national brand products to nearly 400 independent grocery stores in Michigan, Indiana and Ohio. Spartan Stores also owns and operates 84 retail supermarkets in Michigan, including Family Fare Supermarkets, Glen's Markets, D&W Fresh Markets and Felpausch Food Centers.

Forward-Looking Statements

This press release contains forward-looking statements. Forward-looking statements are identifiable by words or phrases such as "outlook", "plan", "design", "priority", or "opportunities"; that an event or trend "will" or "should" occur or "continue" or that Spartan Stores or its management "anticipates", "believes," "plans", "expects" or will "work" on a particular result. These forward-looking statements are subject to a number of factors that could cause actual results to differ materially. Our ability to successfully realize expected benefits of new relationships, realize growth opportunities, expand our customer base, effectively integrate and achieve the expected benefits of acquired stores, anticipate and successfully respond to openings of competitors' stores, achieve expected sales and earnings, implement plans, programs and strategies, and continue to pay dividends is not certain and depends on many factors, not all of which are in our control. Additional information about the factors that may adversely affect these forward-looking statements is contained in Spartan Stores' reports and filings with the Securities and Exchange Commission. Other risk factors exist and new risk factors may emerge at any time. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as predictions of future results. Spartan Stores undertakes no obligation to update or revise any forward-looking statements to reflect developments or information obtained after the date of this press release.

Spartan Stores, Inc.
Investor Contact: Dave Staples, 616-878-8319
Executive Vice President & CFO
or
Media Contact: Jeanne Norcross, 616-878-2830
Vice President Corporate Affairs


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