Pantry convenience store chain CEO is quitting; stock dips 3%

Posted August 22, 2011 8:41 a.m. EDT
Updated August 22, 2011 11:02 a.m. EDT

— Terrance Marks, chief executive officer of The Pantry (Nasdaq: PTRY) convenience store chain, is stepping down, the company said Monday before the markets opened.

Marks also will leave the board of director.

The news sent Pantry shares down 3 percent, 36 cents, in late morning trading to $11.50.

He plans to leave within 60 days, the company said in a statement.

A search committee to find a replacement has been formed.

Chairman Edwin Holman will take over as interim CEO once Marks leaves, the company said.

Marks has led the company for the past two years.

“My decision to leave was difficult, but ultimately driven by personal considerations,” Marks said in a statement. “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 Pantry operates 1,655 stores across 13 states. Most are known as Kangaroo Express.