Lynch Resigning as Winn-Dixie CEO

JACKSONVILLE, Fla. — Peter Lynch, the chairman, president and chief executive officer of Winn-Dixie Stores here, said Friday he will resign from the company following the completion of its planned merger with Bi-Lo, a company spokesman told SN.

Randall Onstead, the current chairman of Bi-Lo, will take over as president and CEO of the combined companies, Lynch said in a letter to employees published by local media.

"Having had the privilege to serve as Winn-Dixie's CEO for the last seven years, it is now time for me to seek new challenges," Lynch said in the letter.

Onstead is the former chairman and CEO of Texas-based Randalls Food Markets, now owned by Pleasanton, Calif.-based Safeway.

Lynch had joined Winn-Dixie in 2004 following a 30-year industry career that included about five years as president and chief operating officer of Albertsons. He began his career at Star Markets Co., Boston, and also held executive positions at Jewel-Osco in Chicago and Acme Stores in Philadelphia.

Winn-Dixie filed for Chapter 11 bankruptcy protection in February 2005, shortly after Lynch took over, and emerged in November 2006. Last month it agreed to be acquired by Bi-Lo, Mauldin, S.C., for about $560 million. That transaction is expected to close in the next 30-90 days.