Schnucks Names New President

MARK HAMSTRA

ST. LOUIS — The newly named president of Schnuck Markets here grew up helping run the family business, as did his executive siblings, but a brief foray into the world of investment banking has injected a level of outside financial expertise into the company.

Todd R. Schnuck, 48, was named president of the family-owned company last month as his older brother, Scott C. Schnuck, 56, added the title of chairman to his role as chief executive officer. Craig Schnuck, 58, the former chairman, became chairman of the executive committee. Todd Schnuck had been executive vice president and before that was chief financial officer. The company had unveiled plans for the executive changes a year ago.

“I worked outside the business for about four years in investment banking, and was asked to come back [to Schnucks], and I have enjoyed it ever since,” Todd Schnuck told SN in an interview last month. “I started my career here sitting across the table from what I used to do.”

Todd Schnuck recently led a refinancing of the 101-store chain's debt through Bank of America, and the company said he played a “lead role” in Schnucks' acquisitions of the National, Logli and Sessel's chains in 1995, 1998 and 2002, respectively.

“I bring a little bit of experience working with the financial world,” he said. “I have an understanding of what the financial world is looking for in terms of performance and how other companies are run, and maybe have a little broader vista.”

He declined to discuss what acquisitions the company might currently have on its radar, but he did say Schnucks is “always looking.”

“We've looked at some and made some acquisitions, and we've lost on some, and decided not to pursue others,” he said.

The chain has four new stores planned for 2007, including a replacement store in Twin Oaks, Mo., and three new stores in the central Illinois towns of Normal, Savoy and DeKalb. The latter marks a new market for the chain where Todd Schnuck said the company sees “great opportunity.”

Although the new openings increase the company's presence in upstate Illinois, Todd Schnuck said the company has no plans to enter the Chicago market.

“A one- or two-store entry into the Chicago market is not going to work,” he said. “Several companies have tried that and failed.”

The company also has no plans to pursue public financing through a stock offering, he said.