MONTVALE, N.J. — A&P’s next chief executive officer should be in place by the time the retailer’s new fiscal year begins in March, officials said Tuesday. A&P has been operating under interim CEO Christian Haub since firing Eric Claus from its top position in October.
In a conference call yesterday, Haub said A&P was looking at candidates with experience leading a public company; experience executing turnarounds; food retailing expertise; and, preferably, experience operating in the Northeast.
Those descriptions not coincidentally could describe any number of executives with ties to Yucaipa, Ron Burkle’s investment company. Yucaipa this year acquired a stake in A&P and has a history of installing its own management at its grocery investments, including a string on the West Coast in the 1980s.
As reported Tuesday on supermarketnews.com, A&P’s quarterly financial results included a net loss of $560 million led by a $412.6 million write-down for Pathmark. EBITDA of $36 million declined 54% from the same period last year and came in well below analyst expectations of $67.8 million. Comparable store sales fell by 5.8%.
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