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More Turnover at Penn Traffic Co.
Robert Panasuk, who was named chief executive officer of Penn Traffic Co. here less than a year ago, resigned for personal reasons last week. Penn Traffic, which did not provide additional explanation for Panasuk's resignation, promoted Gregory J. Young as chief executive officer. Young, together with Panasuk, were named co-chief operating officers at Penn Traffic a year ago when Bob
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JON SPRINGER
Syracuse, N.Y. — Robert Panasuk, who was named chief executive officer of Penn Traffic Co. here less than a year ago, resigned for personal reasons last week.
Penn Traffic, which did not provide additional explanation for Panasuk's resignation, promoted Gregory J. Young as chief executive officer.
Young, together with Panasuk, were named co-chief operating officers at Penn Traffic a year ago when Bob Chapman resigned as CEO. In December, Panasuk was promoted to CEO.
Young, 51, is a Syracuse native who first worked for Penn Traffic from 1974 to 1999. Previously, he was with C&S Wholesale Grocers in Keene, N.H., for three years as vice president of perishables and vice president and general manager of C&S Retail. He also worked with Panasuk as an executive with A&P, Montvale, N.J.
Penn Traffic in a government filing said Young would be paid an annual salary of $500,000, along with a performance and salary review within six months. Panasuk's contract called for the same salary.
Young is the fifth CEO at the long-struggling company in the last four years. Chapman, a longtime Penn Traffic veteran, was named CEO in 2004 as the company was preparing to emerge from bankruptcy. His tenure followed a short stint as interim CEO by Steven G. Panagos, who was also the chain's chief restructuring officer for several months. Joseph V. Fisher had been the chain's president and CEO for almost five years before his resignation in August 2003.
